Essays on Bayesian

Abstract

Decision-making under risk occurs when there is an uncertainty about the states of nature that can occur, but the probabilities of each of the states of nature occurring have already been determined. We can use these probabilities to determine additional strategies for decision-making. One such strategy is the Expected Monetary Value (EMV) approach for making an optimal decision. In the problem where the company had to decide on the right investment approach, the company had already done research to determine the various possible states of nature for each of the alternatives as well the probabilities of each of these ...

Abstract

Decision situations can be analyzed using different methods out which decision trees are useful to analyze complex situations. Frequently, decision situation is complicated because the payoffs are not only dependent on the initial decision but also dependent on the additional decisions are taken in the sequential step process. Decision trees can identify the best initial as well as the best subsequent actions. The decision criterion that a decision tree satisfies the Bayesian expected payoff criterion. The present case has multiple alternatives and multiple probabilities; decision tree is the best method for solving this. The resulting decision tree has three ...

Summary of Thinking, fast, and slow by Daniel Kahneman

George Mason University Summary of Thinking, fast, and slow by Daniel Kahneman Introduction The author, Daniel Kahneman, hopes that the readers would benefit from the reading of his book, which is about biases of intuition. According to the author, it can be a tough choice between what we believe and what we want. Friends and colleagues help us in making and evaluating choices. The thinking process is one conscious thought leading to another. The mental work creates impressions and intuitions silently in our minds. We allow our beliefs, feelings and preferences to feel confident about our decision, even if ...

Psychology

Introduction The use of Null Hypothesis Significance Testing as a statistical tool for research methods in psychology became a center of debate because of the perceived errors, which was associated to the misuse of the method and erroneous conclusion in some of the published scholarly journals. Many scholarly journal publishers particularly those that are specialized in the field social psychology suggests to ban the use of NHST and the Basic and Applied Social Psychology (BASP) acted upon on this call. On the other hand, proponents of NHST argue that the problem is not with the technique, but with the ...

[Semester]

Abstract

This is a review of a paper called, “Are Humans the Source of Canine Mange? From the journal Parasites and Vectors. I reviewed the paper and determined that the study was both accurate and sound. The paper hypothesized that humans were the main reason for the spread of Sarcoptes scabiei in dogs and other canines. The results indicated that humans were not the main carriers of Sarcoptes scabiei to dogs and other canines and that further studies should be undertaken.

Are Humans the Initial Source of Canine Mange? Is a journal article written by Valerie Andriantsoanarina, Fang Fang, ...