Applied decision theory

N. T. Kottegoda
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N. T. Kottegoda: University of Birmingham, Department of Civil Engineering

Chapter 9 in Stochastic Water Resources Technology, 1980, pp 346-376 from Palgrave Macmillan

Abstract: Abstract The design and operation of water resource systems are affected to a great extent by the uncertainty of future events, as stressed throughout this text. In spite of the immense variability in the states of nature which have to be coped with and the limited information available, the engineer is called upon to make decisions and to take appropriate actions. Decision theory attempts to provide, for a large body of applied scientists and managers, a systematic approach to the statistical problems involved.

Keywords: Posterior Probability; Conditional Probability; Prior Distribution; Prior Probability; Decision Theory (search for similar items in EconPapers)
Date: 1980
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DOI: 10.1007/978-1-349-03467-3_9

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