Risk preference, multiple attributes, and multiple criteria in bayesian acceptance sampling plans

Herbert Moskowitz

Naval Research Logistics Quarterly, 1985, vol. 32, issue 1, 81-94

Abstract: Although there has been considerable research directed toward developing Bayesian acceptance sampling plans, little consideration has been given to incorporating a decision‐maker's risk attitude or treating such problems in terms of multiple‐type defects and multiple criteria. We review our own work which is focused on the above issues. A model incorporating risk preference is shown to yield substantial differences in the characteristics of an optimal sampling plan relative to a typical Bayesian linear cost (risk neutral) model. Bayesian models and optimization schemes for a variety of multiple‐type defect plans are reviewed. A bicriterion acceptance model, employing average outgoing quality and average inspection cost is also formulated. Traditional versus interactive optimization procedures are compared empirically in terms of ease of use, satisfaction with solutions, and insight gained into the problem.

Date: 1985
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https://doi.org/10.1002/nav.3800320113

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Persistent link: https://EconPapers.repec.org/RePEc:wly:navlog:v:32:y:1985:i:1:p:81-94

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