Loterre: SAGE: Bayesian approach to decision making

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Bayesian approach to decision making

Named after the 18th-century English cleric Thomas Bayes, the Bayesian approach refers to a distinctive framework for decision making. Accepting the dictum that “probability is the guide to life,” the Bayesian approach provides a model for rational choice in which the expected utility of an action is determined in relation to a person's notions of the probabilities and utilities associated with the potential outcomes of the action under consideration. [Source: Encyclopedia of Business Ethics and Society; Bayesian Approach]

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