Abstract
Abstract Every utility matrix in a Bayesian decision problem determines a “critical probability” for each of the states of nature: when a critical probability is exceeded, the assessment of the remaining probabilities is unnecessary and a simplified decision rule can be applied. Formulas are given to compute the critical probabilities from the utilities. The critical probabilities i) determine the decision, when one of them is exceeded; ii) serve as references for the Bayesian decisionmaker in assessing the probability values.
Full Text 
Sign-in/Register to access full text options
Sign-in/Register to access full text options 
Published version (
Free)
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
