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Showing 1 to 1 of 1 for “"Decision-based method"”.
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A method to establish non-informative prior probabilities for risk-based decision analysis
In Bayesian decision analysis, uncertainty and risk are accounted for with probabilities for the possible states, or states of nature, that affect the outcome of a decision. Application of Bayes’ theorem requires non-informative prior probabilities, which represent the probabilities of states of …