Download or read book Applied Statistical Decision Theory written by Howard Raiffa and published by Wiley-Interscience. This book was released on 2000-06-02 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an examination of the applications of Bayesian statistical theory to real-life business problems of decision under conditions of uncertainty. The authors assume that the objective of the analysis is to identify a course of action that is logically consistent with the decision maker's own preference for consequences, as expressed by numerical utilities, and with the importance attached to unknown variables, as expressed by numerical probabilities.