The Frank P. Ramsey medal is awarded for distinguished contributions in decision analysis. Distinguished contributions can be internal, such as theoretical or procedural advances in decision analysis, or external, such as developing or spreading decision analysis in new fields. The specific award criteria for evaluating potential Ramsey Medal recipients are a candidate's:
- Theoretical, methodological, and procedural contributions to decision analysis
- Applications of decision analysis (including new uses and in new fields)
- Other contributions promoting decision analysis (e.g. educational and public awareness)
- Exceptional contributions to the Decision Analysis Society (e.g. service to society or journal)
A potential recipient need not meet all of the criteria, but contributions to each criterion are pertinent.
For this award, decision analysis is defined as a prescriptive approach to provide insight for decision making based on axioms that are logically consistent with the axioms of von Neumann and Morgenstern and of Savage. Key constructs of decision analysis are utility to quantify one’s preferences and probability to quantify the state of one's knowledge.
There are overlapping aspects of decision analysis with other fields such as behavioral decision research, probabilistic risk analysis, and engineering and economic analyses. Behavioral decision research addressing how people make decisions that has direct implications for improving the practice of decision analysis is a contribution to decision analysis. Models of uncertain possible consequences from scientific, engineering, and economic modeling that are useful for decision analysis are contributions.
The award includes an honorarium, a medal, and complimentary lifetime membership in the Decision Analysis Society.