Bayesian simulation and decision analysis: An expository survey

Bayesian simulation and decision analysis: An expository survey

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Article ID: iaor200973339
Volume: 6
Issue: 4
Start Page Number: 222
End Page Number: 238
Publication Date: Dec 2009
Journal: Decision Analysis
Authors:
Keywords: simulation
Abstract:

The aim of this expository survey on Bayesian simulation is to stimulate more work in the area by decision analysts. We discuss the main areas of research performed thus far, including input analysis, propagation and estimation of output uncertainty, output analysis, making decisions with simulations, selecting the best simulated system, and applications of Bayesian simulation methods. Throughout, we offer avenues of future research in Bayesian simulation that may be of interest to decision analysts.

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