Economic Decision Theory as a Paradigm for the Construction and Evaluation of Algorithms and Information Systems

1994 ◽  
pp. 153-173 ◽  
Author(s):  
James C. Moore ◽  
William B. Richmond ◽  
Andrew B. Whinston
Keyword(s):  
Information Systems ◽  
Decision Theory ◽  
Economic Decision ◽  
Economic Decision Theory

scholarly journals Premium Calculation by Transforming the Layer Premium Density

1996 ◽  
Vol 26 (1) ◽  
pp. 71-92 ◽  
Author(s):  
Shaun Wang
Keyword(s):  
Distribution Function ◽  
Decision Theory ◽  
Stochastic Dominance ◽  
Measure Theory ◽  
Additive Measure ◽  
Proportional Hazard ◽  
Economic Decision ◽  
Recent Developments ◽  
Premium Calculation ◽  
Economic Decision Theory

AbstractThis paper examines a class of premium functionals which are (i) comonotonic additive and (ii) stochastic dominance preservative. The representation for this class is a transformation of the decumulative distribution function. It has close connections with the recent developments in economic decision theory and non-additive measure theory. Among a few elementary members of this class, the proportional hazard transform seems to stand out as being most plausible for actuaries.

Optimal Inspection Methodology for Offshore Structures Based on an Economic Decision Theory

2004 ◽  
Author(s):  
Saul Florentino ◽  
David De Leon ◽  
Jorge Silva
Keyword(s):  
Decision Theory ◽  
Structural Integrity ◽  
Offshore Structures ◽  
Mathematical Framework ◽  
Economic Decision ◽  
Structural Deterioration ◽  
Safety Margins ◽  
Deterioration Process ◽  
Maintenance And Inspection ◽  
Economic Decision Theory

About 200 marine platforms are installed in the Mexican sector of the Gulf of Mexico so that maintenance and inspection schedules play an important role to avoid excessive structural deterioration of the oil facilities and at the same time to keep the facilities within acceptable safety margins. Large costs associated with inspection and repair actions moved managers towards the application of an optimal strategy in order to minimize inspection expenses. For these purposes, it is necessary to consider deterioration process such as fatigue crack growth under the influence of uncertain wave loading which is the dominant force while effort is focused on maintaining structural integrity and safe production. This paper presents an optimal inspection methodology for offshore structures based on an economic decision theory, bearing in mind that large costs are associated with structural failure and extensive inspection and repairs. A system failure analysis of a given sub set of the critical structural components is included as well as a mathematical framework for the assessment of failure and repair cost associated.

Representation, abstraction, and simple-minded sophisticates

2020 ◽  
Vol 43 ◽  
Author(s):  
Peter Dayan
Keyword(s):  
Decision Theory ◽  
Predictive Coding ◽  
Bayesian Decision Theory ◽  
Bayesian Decision ◽  
Model Based ◽  
Model Free

Abstract Bayesian decision theory provides a simple formal elucidation of some of the ways that representation and representational abstraction are involved with, and exploit, both prediction and its rather distant cousin, predictive coding. Both model-free and model-based methods are involved.

Cost Containment in Information Systems

1984 ◽  
Vol 1 (1) ◽  
pp. 175-185
Author(s):  
Michael E. D. Koenig
Keyword(s):  
Information Systems ◽  
Cost Containment
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