Statistical Decision Theory

Name: Statistical Decision Theory
Brand: Springer Nature
SKU: 9783642404320
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Brand

Springer Nature

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Part Number

GTIN

9783642404320

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Product Description

This monograph presents a radical rethinking of how elementary inferences should be made in statistics, implementing a comprehensive alternative to hypothesis testing in which the control of the probabilities of the errors is replaced by selecting the course of action (one of the available options) associated with the smallest expected loss. Its strength is that the inferences are responsive to the elicited or declared consequences of the erroneous decisions, and so they can be closely tailored to the clients perspective, priorities, value judgments and other prior information, together with the uncertainty about them.

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