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Flashcards in Bayesian Decision Theory Deck (5)
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1

Uses of Bayes Theorem

Update of information
Transformation of information

2

Transformation of information

flipping the information to look at it from an alternative way

3

Sensitivity Analysis

Test the robustness
change probability and see whether the choice has changed

4

Subjective probability

degree of belief
Pairwise comparison
Relative liklihood
utility function approach

5

Pairwise comparison

Simplest way
two events, W twice as likely than Z
P(W) = 2/3 P(Z) = 1/3