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 x
... act to every possible outcome of that experiment , and ( 2 ) the extensive form , in which the optimal strategy is " built up " by taking all possible experimental outcomes one at a time , determining for each one sepa- rately what terminal ...
... act to every possible outcome of that experiment , and ( 2 ) the extensive form , in which the optimal strategy is " built up " by taking all possible experimental outcomes one at a time , determining for each one sepa- rately what terminal ...
Page 12
... optimal terminal act a for every possible outcome z of the chosen e . The whole decision rule for the optimal e can be simply " read off " from the results of that part of the analysis which determined the optimal a for every z in Z ...
... optimal terminal act a for every possible outcome z of the chosen e . The whole decision rule for the optimal e can be simply " read off " from the results of that part of the analysis which determined the optimal a for every z in Z ...
Page 179
... act , and ( 2 ) the additional opportunity loss A , ( ) which he must expect ... optimal estimate * has been found , it will be a certainty equivalent in the ... act q by ( 6-4 ) is given by the formula - ( ku + ko ) o { fn * ( u ) ...
... act , and ( 2 ) the additional opportunity loss A , ( ) which he must expect ... optimal estimate * has been found , it will be a certainty equivalent in the ... act q by ( 6-4 ) is given by the formula - ( ku + ko ) o { fn * ( u ) ...
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