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dc.contributor.authorKretschmer, Jürgen-Peteren_US
dc.date.accessioned2012-04-04T13:56:28Z-
dc.date.available2012-04-04T13:56:28Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/56588-
dc.description.abstractMany decision problems in various fields of application can be characterized as diagnostic problems trying to assess the true state (of the world) of given cases. The investigation of assessment criteria improves the initial information according to observed signal outcomes, which are related to the possible states. Such sequential investigation processes can be analyzed within the framework of statistical decision theory, in which prior probability distributions of classes of cases are updated, allowing for a sorting of particular cases into ever smaller subclasses. However, receiving such information causes investigation costs. Besides the question about the set of relevant criteria, this defines two additional problems of statistical decision problems: the optimal stopping of investigations and the optimal sequence of investigating a given set of criteria. Unfortunately, no solution exists with which the optimal sequence can generally be determined. Therefore, the paper characterizes the associated problems and analyzes existing heuristics trying to approximate an optimal solution.en_US
dc.language.isoengen_US
dc.publisherUniv., Dep. of Business Administration & Economics Marburgen_US
dc.relation.ispartofseriesJoint discussion paper series in economics 15-2011en_US
dc.subject.jelD80en_US
dc.subject.jelD81en_US
dc.subject.jelC11en_US
dc.subject.jelC44en_US
dc.subject.ddc330en_US
dc.subject.keyworddecision-makingen_US
dc.subject.keyworduncertaintyen_US
dc.subject.keywordinformationen_US
dc.subject.keywordBayesian analysisen_US
dc.subject.keywordstatistical decision theoryen_US
dc.subject.stwMehrstufige Entscheidungen_US
dc.subject.stwEntscheidung bei Unsicherheiten_US
dc.subject.stwSuchtheorieen_US
dc.subject.stwInformationsverhaltenen_US
dc.subject.stwBayes-Statistiken_US
dc.subject.stwTheorieen_US
dc.titleThe sequencing problem in sequential investigation processesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn656135034en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:MAGKS Joint Discussion Paper Series in Economics, Universität Marburg

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