Definition:Bayesian Decision Theory
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Definition
Bayesian decision theory is a branch of decision theory which is informed by Bayesian probability.
It is a statistical system that tries to quantify the tradeoff between various decisions, making use of probabilities and costs.
Also see
- Results about Bayesian decision theory can be found here.
Source of Name
This entry was named for Thomas Bayes.
Sources
- 1991: Roger B. Myerson: Game Theory ... (previous) ... (next): $1.2$ Basic Concepts of Decision Theory