Bayesian decision-makers reaching consensus using expert information

Published Article === The paper is concerned with the problem of Bayesian decision-makers seeking consensus about the decision that should be taken from a decision space. Each decision-maker has his own utility function and it is assumed that the parameter space has two points, Θ = {θ1,θ2 }. The ini...

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Bibliographic Details
Main Author: Garisch, I.
Other Authors: Central University of Technology, Free State, Bloemfontein
Format: Others
Language:en_US
Published: Journal for New Generation Sciences, Vol 7, Issue 2: Central University of Technology, Free State, Bloemfontein 2015
Subjects:
Online Access:http://hdl.handle.net/11462/534
Description
Summary:Published Article === The paper is concerned with the problem of Bayesian decision-makers seeking consensus about the decision that should be taken from a decision space. Each decision-maker has his own utility function and it is assumed that the parameter space has two points, Θ = {θ1,θ2 }. The initial probabilities of the decision-makers for Θ can be updated by information provided by an expert. The decision-makers have an opinion about the expert and this opinion is formed by the observation of the expert's performance in the past. It is shown how the decision-makers can decide beforehand, on the basis of this opinion, whether the consultation of an expert will result in consensus.