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Optimal Sequentially Planned Decision Procedures (Paperback, New)
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Optimal Sequentially Planned Decision Procedures (Paperback, New)
Series: Lecture Notes in Statistics, 79
Expected to ship within 10 - 15 working days
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Learning from experience, making decisions on the basis of the
available information, and proceeding step by step to a desired
goal are fundamental behavioural qualities of human beings.
Nevertheless, it was not until the early 1940's that such a
statistical theory - namely Sequential Analysis - was created,
which allows us to investigate this kind of behaviour in a precise
manner. A. Wald's famous sequential probability ratio test (SPRT;
see example (1.8 turned out to have an enormous influence on the
development of this theory. On the one hand, Wald's fundamental
monograph "Sequential Analysis" ( Wa]*) is essentially centered
around this test. On the other hand, important properties of the
SPRT - e.g. Bayes optimality, minimax-properties, "uniform"
optimality with respect to expected sample sizes - gave rise to the
development of a general statistical decision theory. As a conse
quence, the SPRT's played a dominating role in the further
development of sequential analysis and, more generally, in
theoretical statistics."
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