Related papers: Microsimulation Estimates of Decision Uncertainty …
Background: Due to the finite size of the development sample, predicted probabilities from a risk prediction model are inevitably uncertain. We apply Value of Information methodology to evaluate the decision-theoretic implications of…
Decision makers involved in the management of civil assets and systems usually take actions under constraints imposed by societal regulations. Some of these constraints are related to epistemic quantities, as the probability of failure…
Health impact simulation models are used to predict how a proposed intervention or scenario will affect public health outcomes, based on available data and knowledge of the process. The outputs of these models are uncertain due to…
In designing external validation studies of clinical prediction models, contemporary sample size calculation methods are based on the frequentist inferential paradigm. One of the widely reported metrics of model performance is net benefit…
Background: Before being used to inform patient care, a risk prediction model needs to be validated in a representative sample from the target population. The finite size of the validation sample entails that there is uncertainty with…
Risk prediction models are often advertised as deterministic functions that map covariates to predicted risks. However, they are typically trained using finite samples, and as such, their predictions are inherently uncertain. This…
Background: The Expected Value of Sample Information (EVSI) determines the economic value of any future study with a specific design aimed at reducing uncertainty in a health economic model. This has potential as a tool for trial design;…
In medical decision making, we have to choose among several expensive diagnostic tests such that the certainty about a patient's health is maximized while remaining within the bounds of resources like time and money. The expected increase…
Weighted Majority Voting (WMV) is a well-known optimal decision rule for collective decision making, given the probability of sources to provide accurate information (trustworthiness). However, in reality, the trustworthiness is not a known…
By employing various empirical estimators for the Mutual Information (MI) measure, we calculate and compare the estimates and their confidence intervals for both normal and non-normal bivariate data samples. We find that certain nonlinear…
Computing value of information (VOI) is a crucial task in various aspects of decision-making under uncertainty, such as in meta-reasoning for search; in selecting measurements to make, prior to choosing a course of action; and in managing…
Background: The Expected Value of Sample Information (EVSI) calculates the value of collecting additional information through a study with a given design. Standard EVSI analyses assume that the treatment recommendations based on the new…
One of the most complex tasks of decision making and planning is to gather information. This task becomes even more complex when the state is high-dimensional and its belief cannot be expressed with a parametric distribution. Although the…
Economic and financial theories and practice essentially deal with uncertain future. Humans encounter uncertainty in different kinds of activity, from sensory-motor control to dynamics in financial markets, what has been subject of…
Decision making in modern stochastic systems, including e-commerce platforms, financial markets and healthcare systems, has evolved into a multifaceted process that combines information acquisition and adaptive information sources. This…
Suppose we have a Bayesian model which combines evidence from several different sources. We want to know which model parameters most affect the estimate or decision from the model, or which of the parameter uncertainties drive the decision…
In ecological and environmental contexts, management actions must sometimes be chosen urgently. Value of information (VoI) analysis provides a quantitative toolkit for projecting the improved management outcomes expected after making…
When humans infer underlying probabilities from stochastic observations, they exhibit biases and variability that cannot be explained on the basis of sound, Bayesian manipulations of probability. This is especially salient when beliefs are…
Objectives: Value of information (VOI) analyses can help policy-makers make informed decisions about whether to conduct and how to design future studies. Historically, a computationally expensive method to compute the Expected Value of…
In an era of data abundance, statistical evidence is increasingly critical for business and policy decisions. Yet, organizations lack empirical tools to assess the value of evidence-based decision making (EBDM), optimize statistical…