Decisions under uncertainty using Bayesian analysis

Stelian Stancu ()

Informatica Economica, 2006, vol. X, issue 1, 133-137

Abstract: The present paper makes a short presentation of the Bayesian decions method, where extrainformation brings a great support to decision making process, but also attract new costs. In this situation, getting new information, generally experimentaly based, contributes to diminushing the uncertainty degree that influences decision making process. As a conclusion, in a large number of decision problems, there is the possibility that the decision makers will renew some decisions already taken because of the facilities offered by obtainig extrainformation.

Keywords: decision; uncertainty; decision process; Bayesian analysis; extra-information. (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:aes:infoec:v:x:y:2006:i:1:p:133-137

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