Concept information
Preferred term
Bayesian approach to decision making
Definition
- 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]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/Bayesian_approach_to_decision_making
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