A Comparison of the Bayesian and Frequentist Approaches to EstimationPoint Estimation from a Decision-Theoretic Viewpoint
A Comparison of the Bayesian and Frequentist Approaches to Estimation: Point Estimation from a...
Samaniego, Francisco J.
2010-05-28 00:00:00
[True story: I was out for lunch with two friends recently. I didn’t care what restaurant we went to, but my friends John and Marsha had strong preferences, one for Indian food and the other for Chinese. When it became clear that neither one was going to yield to the other in a reasonable amount of time, I proposed to settle the argument by picking a random digit between 1 and 9 (using the random number generator on the fancy-dan cell phone I always carry on my belt) and having each of them try to guess its value. Whoever was closest to my number would get to choose the restaurant. John made the gentlemanly but ill-advised gesture of letting Marsha guess first. Marsha immediately guessed “5“ and guaranteed herself an advantage, since no matter what John guessed, there were at least five out of nine numbers that she would be closer to than John. When John unexpectedly won the game, he made the gentlemanly but ill-advised gesture of choosing Marsha’s restaurant. It was John’s misfortune to end the day with a nontrivial case of food poisoning. Fortunately, Marsha and I managed to dodge that bullet.]
http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.pnghttp://www.deepdyve.com/lp/springer-journals/a-comparison-of-the-bayesian-and-frequentist-approaches-to-estimation-E3NW0db7fB
A Comparison of the Bayesian and Frequentist Approaches to EstimationPoint Estimation from a Decision-Theoretic Viewpoint
[True story: I was out for lunch with two friends recently. I didn’t care what restaurant we went to, but my friends John and Marsha had strong preferences, one for Indian food and the other for Chinese. When it became clear that neither one was going to yield to the other in a reasonable amount of time, I proposed to settle the argument by picking a random digit between 1 and 9 (using the random number generator on the fancy-dan cell phone I always carry on my belt) and having each of them try to guess its value. Whoever was closest to my number would get to choose the restaurant. John made the gentlemanly but ill-advised gesture of letting Marsha guess first. Marsha immediately guessed “5“ and guaranteed herself an advantage, since no matter what John guessed, there were at least five out of nine numbers that she would be closer to than John. When John unexpectedly won the game, he made the gentlemanly but ill-advised gesture of choosing Marsha’s restaurant. It was John’s misfortune to end the day with a nontrivial case of food poisoning. Fortunately, Marsha and I managed to dodge that bullet.]
Published: May 28, 2010
Keywords: Point Estimation; Decision Rule; Loss Function; Decision Problem; Action Space
To get new article updates from a journal on your personalized homepage, please log in first, or sign up for a DeepDyve account if you don’t already have one.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.