This paper continues the investigation of minimax regret treatment choice initiated by Manski (2004). Consider a decision maker who must assign treatment to future subjects after observing outcomes experienced in a sample. A certain scoring rule is known to achieve minimax regret in simple...

This note axiomatizes the incomplete preference ordering that reflects statewise dominance with respect to expected utility, as well as the according choice correspondence. The main motivation is to clarify how admissibility as understood by statisticians relates to existing axiomatizations. The...

Purpose – The purpose of this paper is to provide a methodology for benchmarking supplier risks through the creation of Bayesian networks. The networks are used to determine a supplier's external, operational, and network risk probability to assess its potential impact on the buyer...

This paper undertakes a Bayesian analysis of optimal monetary policy for the U.K. We estimate a suite of monetary-policy models that include both forward- and backward-looking representations as well as large- and small-scale models. We find an optimal simple Taylor-type rule that accounts for...

Purpose – The purpose of this paper is to provide the maintenance personnel with a methodology for modeling and estimating the reliability of critical machine systems using the historical data of their inter‐failure times. Design/methodology/approach – The failure patterns of five...