Bayes' theorem enables decision makers to revise probabilities based on
A)perfect information.
B)knowing,ahead of time,the actual outcome of the decision.
C)additional information.
D)measurements of utility.
E)None of the above

Question

Quizplus · Accepted Answer

Bayes' theorem allows decision makers to update their prior probability estimates based on new information, which can be valuable in making more informed decisions. This new information can come in the form of data, observations, or other input. Perfect information (A) is not necessary, nor is knowing the actual outcome (B), as Bayes' theorem is designed to handle uncertainty and multiple potential outcomes. Measurements of utility (D) may be useful in decision making, but are not directly related to Bayes' theorem.

Bayes' Theorem Enables Decision Makers to Revise Probabilities Based on