STATISTICAL DECISION THEORY AS A GUIDE TO INFORMATION PROCESSING

Abstract

The advance which decision theory makes over previous methods in mathematical statistics is that the economic consequences of an action are explicitly taken into account. In other words, the theory goes beyond statements about probabilities of making various errors, and incorporates both the relative losses from such errors as well as the costs of processing information in order to reduce the likelihood of mistakes. One important consequence claimed by decision theorists is that by such analysis it is possible to unify various subfields in statistics into a single conceptual framework.

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Document Details

Document Type
Technical Report
Publication Date
Aug 26, 1957
Accession Number
AD0606527

Entities

People

  • Harvey M. Wagner

Organizations

  • RAND Corporation

Tags

Communities of Interest

  • Human Systems

DTIC Thesaurus Topics

  • Data Processing
  • Data Science
  • Decision Theory
  • Information Processing
  • Information Science
  • New York
  • Observation
  • Operations Research
  • Probability
  • Quality Control
  • Random Variables
  • Sequences
  • Sequential Analysis
  • Statistical Decision Theory
  • Statistics
  • Test And Evaluation

Fields of Study

  • Mathematics

Readers

  • Statistical inference.
  • Systems Analysis and Design
  • Theoretical Analysis.