Applied Statistical Decision TheoryDivision of Research, Graduate School of Business Adminitration, Harvard University, 1961 - Business & Economics - 356 pages "In the field of statistical decision theory, Raiffa and Schlaifer have sought to develop new analytic techniques by which the modern theory of utility and subjective probability can actually be applied to the economic analysis of typical sampling problems." --From the foreword to their classic work "Applied Statistical Decision Theory," First published in the 1960s through Harvard University and MIT Press, the book is now offered in a new paperback edition from Wiley |
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Page 131
... approximation to n ° obtained by the rough and ready but surprisingly accurate method which we shall describe in the next section . The exact net gain at the approximate optimum can then be computed by using one of the methods dis ...
... approximation to n ° obtained by the rough and ready but surprisingly accurate method which we shall describe in the next section . The exact net gain at the approximate optimum can then be computed by using one of the methods dis ...
Page 133
... approximation therefore has parameters 45.45 ; 1 m ' = .022 , n ' = 46.45 = " h .022 X .978 = .02152 . Both the " true " prior density and its Normal " approximation " are graphed in Figure 5.12 . CVPI P -.04 -.02 0 .02 .04 .06 .08 ...
... approximation therefore has parameters 45.45 ; 1 m ' = .022 , n ' = 46.45 = " h .022 X .978 = .02152 . Both the " true " prior density and its Normal " approximation " are graphed in Figure 5.12 . CVPI P -.04 -.02 0 .02 .04 .06 .08 ...
Page 136
... approximation . The true optimal sample size is n ° 8 with a net gain of 11.10 times the cost of one sheet of glass ; the net gain of the sample n = 7 obtained by use of the Normal approximation is 11.00 times the cost of one sheet or ...
... approximation . The true optimal sample size is n ° 8 with a net gain of 11.10 times the cost of one sheet of glass ; the net gain of the sample n = 7 obtained by use of the Normal approximation is 11.00 times the cost of one sheet or ...
Contents
The Problem and the Two Basic Modes of Analysis | 3 |
Univariate Normalized Mass and Density Functions | 7 |
Combination of Formal and Informal Analysis | 17 |
Copyright | |
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Common terms and phrases
a₁ a₂ approximation assign assumption Bernoulli process beta function binomial choose compute conditional measure conjugate Conjugate prior cost cumulative function data-generating process decision maker decision problem decision tree defined definition denote estimate evaluated EVPI EVSI example expected terminal opportunity expected utility expected value experiment experimental outcome extensive form Ezle Figure follows gamma gamma-2 given h is known h is unknown k₁ k₂ kernel li(a li(e li(eo likelihood linear marginal measure mass function n₁ normalized density function observations obtain optimal act optimal sample parameter perfect information Poisson possible posterior density posterior distribution preposterior analysis prior density prior distribution prior expected probability quantity random variable sample information Section stopping process Substituting sufficient statistic Table terminal act terminal analysis terminal opportunity loss terminal utility theorem tion u₁ utility characteristic value of perfect vector vi(e