Bayesian Decision Analysis For Engineers and Managers

Catalog description

The Bayesian approach to decision making, with numerous applications in engineering and business. Expected value maximization, decision trees, Bayes' theorem, value of information, sequential procedures and optimal strategies. Axiomatic utility theory and controversies, utility of money, theoretical and empirical determination of utility functions and relationship to mean-variance analysis. Brief introduction to multi-attribute problems, time streams and group decisions.