Making Decisions

by D.V. Lindley and Dennis V. Lindley

Book Overview

Making Decisions Second Edition D.V. Lindley Formerly Professor of Statistics, University College London This book looks at the problems involved in decision-making and argues that there is only one... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0471537853
• ISBN13: 9780471537854
• Release Date: January 1971
• Publisher: John Wiley & Sons
• Length: 195 Pages
• Weight: 1.05 lbs.

Customer Reviews

Very cheap and on time

The book came 3 days into the 18 day window for delivery. I got the new book for half of the price of a used book from our bookstore. Very happy :)

Lindley expouses the Bayesian approach to decision theory

Dennis Lindley is a strong believer in the subjective approach to probability that is called Bayesian. He has written texts on probability and statistics that presents strong arguments for why he believes it is the only correct way to formulate a theory of probability and to coherently apply probabilty to problems in statistical inference. Statistical decision theory developed in the 1940s and 1950s as a way to incorporate statistical methods in general decision making processes. Abraham Wald helped develop the classical (frequentist) approach to this in the late 1940s. Frequentist and Bayesian approaches have then developed in the 20th Century. In this book Lindley uses a basic urn model for probability as a starting point for an elementary introduction into the Bayesian approach to decision making. He presents the basics of utility theory which is the Bayesian approach to scoring potential decisions, so as to determine the "best" decision.