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Bayesian Decision Analysis

Bayesian decision analysis supports principled decision making in complex domains. This textbook takes the reader from a formal analysis of simple decision problems to a careful analysis of the sometimes very complex and data rich structures confronted by practitioners. The book contains basic material on subjective probability theory and multi-attribute utility theory, event and decision trees, Bayesian networks, influence diagrams and causal Bayesian networks. The author demonstrates when and how the theory can be successfully applied to a given decision problem, how data can be sampled and expert judgements elicited to support this analysis, and when and how an effective Bayesian decision analysis can be implemented. Evolving from a third-year undergraduate course taught by the author over many years, all of the material in this book will be accessible to a student who has completed introductory courses in probability and mathematical statistics.
Product Details

Table of Contents

Preface; Part I. Foundations of Decision Modeling: 1. Introduction; 2. Explanations of processes and trees; 3. Utilities and rewards; 4. Subjective probability and its elicitation; 5. Bayesian inference for decision analysis; Part II. Multi-Dimensional Decision Modeling: 6. Multiattribute utility theory; 7. Bayesian networks; 8. Graphs, decisions and causality; 9. Multidimensional learning; 10. Conclusions; Bibliography.

About the Author

Jim Q. Smith is a Professor of Statistics at the University of Warwick.


'The author presents a good set of solved exercises, which serve for illustration, and a large set of proposed exercises are suggested. I recommend this book for professional and advanced students in statistics, operations research, computer science, artificial intelligence, cognitive sciences and different branches of engineering.' Narciso Bouza Herrera, Zentralblatt MATH '... an excellent resource for students at final year undergraduate level or higher, and for anyone researching issues of complex decision-making.' Mathematics Today

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