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Decision Making for Engineering Systems Design

ME59700

Fall 2017

Days/Time: TTh / 9:00-10:15 am
Credit Hours: 3

Learning Objective:
Upon completion of this course, the student should be able to: 1. Frame decisions and model designers
preferences under risk 2. Apply formal decision-making approaches to mechanical design 3. Critically evaluate the assumptions and limitations of design decision making approaches 4. Formulate and execute decisions in presence of other decision makers using game theoretic models 5. Apply game-theoretic models to engineering systems design 6. Adopt an interdisciplinary approach among engineering, economics, and social sciences

Description:
Multi-objective decision making under uncertainty; multi-attribute utility theory; applications to mechanical design; Game-theoretic models with applications in engineering systems design; design for market systems; optimization-based formulation of Nash equilibria; applications to sustainable design and policy.Fall 2017 Syllabus

Topics Covered:
1. Fundamentals (3 weeks)
-Selection decisions in design
-Elements of a decision problem
-Value-focused thinking
-Decision making under certainty
2.Multi-attribute Decision Making (4 weeks)
-Utility axioms
-Unidimensional utility theory
-Multi-attribute utility theory
-Value of information
-Group preferences and aggregation
3.Game Theory (4 weeks)
-Elements of a game
-Equilibria in strategic form games
-Mixed strategy equilibria
-Sequential decisions and sub-game perfection
-Cooperative games
-Complementarity formulation of Nash equilibrium problems
4.Applications (4 weeks)
-Product design: Simulation-based design; Demand modeling; Public goods, voluntary contributions, etc.; Incentive design in crowdsourcing and design competitions; Design for market systems
-Policy and systems design: Energy policy design; Sustainability policy design
-Complex networked systems

Prerequisites:
First Semester Senior Standing or Higher

Homework:
None

Projects:
1 midterm project

Exams:
No Exams

Textbooks:
None, hand-outs from recent literature provided.

Computer Requirements:
None

ProEd Minimum Requirements: view

Tuition & Fees: view

SEMESTERS

Fall 2017
Fall 2019
Fall 2021

CURRENT INSTRUCTOR(S)

Jitesh Panchal

Phone
765-496-1870

Email
panchal@purdue.edu

Office
School of Mechanical Engineering Purdue University
585 Purdue Mall
West Lafayette, IN 47907

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