Every day we make thousands of decisions under uncertainty. Should you take the risky job or the safe one? How much should you bet when you have an edge? When should you stop searching and commit? Decision theory provides mathematical frameworks for answering these questions optimally.
These simulations explore the key models of rational decision-making. Watch the Kelly criterion optimize long-term wealth growth, see how diversification reduces portfolio risk, discover the explore-exploit tradeoff in the multi-armed bandit, and understand why our intuitive decisions about risk are systematically biased.