Theories of decision making are implemented in models that predict and explain behavior in terms of latent cognitive processes. But where do these models come from, and how are they instantiated in the brain? In this paper, we examine several avenues where artificial intelligence (AI) and machine learning (ML) can benefit decision theory by providing new methods for developing and testing cognitive models. First, machine learning can be used to efficiently estimate the values of latent parameters in cognitive models, and assign posterior probabilities to competing models of the same observed data. Second, models of decision behavior can be embedded within artificially intelligent systems to allow them to make inferences about human counterparts (goals, abilities, cognition) in real time, equipping AI better tools to interact socially. Third, AI can be used to understand how evolutionary and learning processes give rise to the cognitive abilities that support decision-making. Finally, the tools of experimental psychology and decision sciences can be applied to better understand the ``black boxes'' of neural networks by systematically testing input-output (stimulus-response) relationships. Put together, we suggest that merging ML/AI into decision modeling -- and vice versa -- is a promising path toward many long-term benefits for both fields.