Classical subjective expected utility.
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- Record sourced from PubMed, PMID 23559375.
- Also identified by DOI 10.1073/pnas.1207805110 and PMC identifier 3637764.
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Abstract
We consider decision makers who know that payoff-relevant observations are generated by a process that belongs to a given class M, as postulated in Wald [Wald A (1950) Statistical Decision Functions (Wiley, New York)]. We incorporate this Waldean piece of objective information within an otherwise subjective setting à la Savage [Savage LJ (1954) The Foundations of Statistics (Wiley, New York)] and show that this leads to a two-stage subjective expected utility model that accounts for both state and model uncertainty.
Medical subject headings
- Decision Making
- Decision Theory
- Models, Theoretical
- Uncertainty