scholarly journals Summary on Bayes estimation and hypothesis testing

1988 ◽  
Vol 7 (1) ◽  
pp. 28-32
Author(s):  
D. J. De Waal
Keyword(s):  
Decision Making ◽  
Decision Theory ◽  
Hypothesis Testing ◽  
Statistical Inference ◽  
Group Decision Making ◽  
Group Decision ◽  
Bayes Theorem ◽  
Bayes Estimation ◽  
Bayesian Procedures ◽  
Tests Of Hypotheses

Although Bayes’ theorem was published in 1764, it is only recently that Bayesian procedures were used in practice in statistical analyses. Many developments have taken place and are still taking place in the areas of decision theory and group decision making. Two aspects, namely that of estimation and tests of hypotheses, will be looked into. This is the area of statistical inference mainly concerned with Mathematical Statistics.

scholarly journals So how to make group decisions? Arrow's impossibility theorem 70 years after

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hung T. Nguyen ◽  
Olga Kosheleva ◽  
Vladik Kreinovich
Keyword(s):  
Decision Making ◽  
Decision Theory ◽  
Group Decision Making ◽  
First Principles ◽  
Group Decision ◽  
Impossibility Theorem ◽  
Group Decisions ◽  
Content Type ◽  
Kenneth Arrow ◽  
Practical Recommendations

PurposeIn 1951, Kenneth Arrow proved that it is not possible to have a group decision-making procedure that satisfies reasonable requirements like fairness. From the theoretical viewpoint, this is a great result – well-deserving the Nobel Prize that was awarded to Professor Arrow. However, from the practical viewpoint, the question remains – so how should we make group decisions? A usual way to solve this problem is to provide some reasonable heuristic ideas, but the problem is that different seemingly reasonable idea often lead to different group decision – this is known, e.g. for different voting schemes.Design/methodology/approachIn this paper we analyze this problem from the viewpoint of decision theory, the basic theory underlying all our activities – including economic ones.FindingsWe show how from the first-principles decision theory, we can extract explicit recommendations for group decision making.Originality/valueMost of the resulting recommendations have been proposed earlier. The main novelty of this paper is that it provides a unified coherent narrative that leads from the fundamental first principles to practical recommendations.

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