Managers, typically, are unaware of the significant impact their decisions could have on the random mechanism driving a data generating process. Here, a new parametric Bayesian technique is introduced that would allow managers to obtain an estimate of the impact of their decisions on the...

Bayesian additive regression trees (BART) is a fully Bayesian approach to modeling with ensembles of trees. BART can uncover complex regression functions with high-dimensional regressors in a fairly automatic way and provide Bayesian quantification of the uncertainty through the posterior....