U.S.-Australia Cooperative Research: Mathematically Optimal Solutions to Decision-Making

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This award will support collaborative research between Dr. Prem K. Goel of Ohio State University and Professor Chandra M. Gulati, University of Wollongong, Australia. This research is to develop a mathematical model and mathematically optimal solutions to decision making problems involving more than one decision maker. The goal is to develop the optimal decision stopping strategy in which rewards to participants of stopping decision-making outweigh the utility to be achieved from continued negotiation. The project represents excellent collaboration between the world-class statistics community in Australia and the Goel work in applications of statistics and probability theory to real-world negotiations. This is important fundamental work in the foundations of statistics, as well as having potential for major advances in understanding and improving team decision-making.