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===Statistics===
Both [[Frequentist probability|frequentist]] and [[Bayesian probability|Bayesian]] statistical theory involve making a decision based on the [[expected value]] of the loss function; however, this quantity is defined differently under the two paradigms.
====Frequentist expected loss====
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In economics, decision-making under uncertainty is often modelled using the [[von Neumann–Morgenstern utility function]] of the uncertain variable of interest, such as end-of-period wealth. Since the value of this variable is uncertain, so is the value of the utility function; it is the expected value of utility that is maximized.
==Decision rules==
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