Adaptive utility and trial aversion
Citation:
B. Houlding and F.P.A. Coolen, Adaptive utility and trial aversion, Journal of Statistical Planning and Inference, 141, 2, 2011, 734-747Download Item:
Abstract:
Decision making with adaptive utility provides a generalisation to classical Bayesian decision theory, allowing the creation of a normative theory for decision selection when preferences are initially uncertain. In this paper we address some of the foundational issues of adaptive utility as seen from the perspective of a Bayesian statistician. The implications that such a generalisation has upon the traditional utility concepts of value of information and risk aversion are also explored, with a new concept of trial aversion introduced that is similar to risk aversion, but which concerns a decision maker's aversion to selecting decisions with high uncertainty over resulting utility.
Author's Homepage:
http://people.tcd.ie/houldinbDescription:
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Author: HOULDING, BRETT
Publisher:
ElsevierType of material:
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Series/Report no:
Journal of Statistical Planning and Inference;141;
2;
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Statistics and probability, Bayesian inferenceMetadata
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