Bayesian decision-makers reaching consensus using expert information

• 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: Bayesian decision-makers; Expert information
• Online Access: http://hdl.handle.net/11462/534

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.