In:
Operations Research, Institute for Operations Research and the Management Sciences (INFORMS), Vol. 17, No. 2 ( 1969-04), p. 344-350
Abstract:
In the statistical decision problem, let p 0 be a given prior probability distribution and d 0 be the Bayes decision function under p 0 . Our basic approach is to find the nearest distribution to p 0 for which the optimal decision function would lead to an expected saving of some fixed amount ϵ over using d 0 . Hence, for any prior distribution nearer to p 0 than this one, do is ϵ-Bayes. This sensitivity analysis is considered from two viewpoints, before and after performing the experiment. These results constitute a modification and extension of some recent results by Fishburn, Murphy, and Isaacs, and we make use of their basic approach and computing algorithm. Our modifications are applicable to their problem as well.
Type of Medium:
Online Resource
ISSN:
0030-364X
,
1526-5463
DOI:
10.1287/opre.17.2.344
Language:
English
Publisher:
Institute for Operations Research and the Management Sciences (INFORMS)
Publication Date:
1969
detail.hit.zdb_id:
2019440-7
detail.hit.zdb_id:
123389-0
SSG:
3,2
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