Comparison of experts

Article Abstract:

An expert needs to uphold an assessed distribution, which incorporates both real distribution and the distribution supported by another expert, when the former expert is more knowledgeable than the latter. This scenario is unavoidable when both experts support two different evaluations about the real distribution associated with the states of nature. An expert can be considered more knowledgeable than another when his advice to an uncertain decision maker can better optimize the decision-maker's anticipated utilities.

Economics, Research and Development in the Social Sciences and Humanities, Decision-making, Models, Decision making, Analysis, Distribution (Economics)

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The value of information - an axiomatic approach

Article Abstract:

The value of information in Bayesian statistical decision theory rests on its ability to influence the actions of a payoff-maximizing decision maker. The information function closely resembles the utility functions of cooperative game theory. Such an information function can be analyzed in terms of real-valued functions that define various maximum utility levels for the decision maker. The concept of information partitions corresponding to maximal expected payoffs is used.

Bayesian statistical decision theory, Bayesian analysis, Information theory, Game theory

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Relative entropy in sequential decision problems

Article Abstract:

Relative entropy in sequential decision problems is considered.

Usage, Entropy (Information theory), Statistical decision, Statistical decision theory

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