Accession Number:
AD0276633
Title:
ALTERNATE PRIOR DISTRIBUTIONS IN STATISTICAL DECISION THEORY
Descriptive Note:
Corporate Author:
OPERATIONS ANALYSIS OFFICE (AIR FORCE) WASHINGTON D C
Personal Author(s):
Report Date:
1962-06-01
Pagination or Media Count:
1.0
Abstract:
To remove the apparent arbitrariness in choice of a single prior distribution for a decisiontheory calculation, it is feasible to assume several alternate prior distributions, and assess the results of reasonable policies, under each of those prior distributions. The minimax-regret principle, slightly modified, permits us to make a reasonable decision in view of the spectrum of possibilities. Author