Bayesian Decision Theory Flashcards
1
Q
Uses of Bayes Theorem
A
Update of information
Transformation of information
2
Q
Transformation of information
A
flipping the information to look at it from an alternative way
3
Q
Sensitivity Analysis
A
Test the robustness
change probability and see whether the choice has changed
4
Q
Subjective probability
A
degree of belief
Pairwise comparison
Relative liklihood
utility function approach
5
Q
Pairwise comparison
A
Simplest way
two events, W twice as likely than Z
P(W) = 2/3 P(Z) = 1/3
