Accession Number:

AD0606527

Title:

STATISTICAL DECISION THEORY AS A GUIDE TO INFORMATION PROCESSING

Descriptive Note:

Corporate Author:

RAND CORP SANTA MONICA CA

Personal Author(s):

Report Date:

1957-08-26

Pagination or Media Count:

30.0

Abstract:

The advance which decision theory makes over previous methods in mathematical statistics is that the economic consequences of an action are explicitly taken into account. In other words, the theory goes beyond statements about probabilities of making various errors, and incorporates both the relative losses from such errors as well as the costs of processing information in order to reduce the likelihood of mistakes. One important consequence claimed by decision theorists is that by such analysis it is possible to unify various subfields in statistics into a single conceptual framework.

Subject Categories:

  • Operations Research

Distribution Statement:

APPROVED FOR PUBLIC RELEASE