Optimal Statistical Decisions WCL Edition Edition

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ISBN-13: 978-0471680291
ISBN-10: 047168029X
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Editorial Reviews

From the Back Cover

The Wiley Classics Library consists of selected books that have become recognized classics in their respective fields. With these new unabridged and inexpensive editions, Wiley hopes to extend the life of these important works by making them available to future generations of mathematicians and scientists.

About the Author

Morris DeGroot (now deceased) was a great statistician and gentleman of the 20th Century. Says friend and coworker Joseph B. ("Jay") Kadane of DeGroot in the Foreword, "He was an institutional builder, as founder of the Statistics Department at Carnegie Mellon University and as first Executive Editor of Statistical Science. He was a wonderful colleague and friend, always ready for a chat about principles, a research problem, a departmental problem, a reference, or personal advice."
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Product Details

  • Paperback: 512 pages
  • Publisher: Wiley-Interscience; WCL Edition edition (April 30, 2004)
  • Language: English
  • ISBN-10: 047168029X
  • ISBN-13: 978-0471680291
  • Product Dimensions: 6.1 x 1 x 9.2 inches
  • Shipping Weight: 1.6 pounds (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Best Sellers Rank: #1,202,328 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

14 of 15 people found the following review helpful By Bo on April 6, 2001
Format: Hardcover
It is a wonderful book for financial and Industrial Organization research. The book illustrates how to use Bayisan Statistics for updating counsumers/traders' information about products/stocks, which is widely used in asymetric/coordination games and in uncertainty research.
The book is clearly written, easy to understand even without a solid backgroup in Baysian Statistics. And with a normal prior distribution of belief, you will get a beautiful/approachable normal posterior distribution. This definitely simplies the information-updating process much.
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12 of 13 people found the following review helpful By N. Lafond on August 5, 2007
Format: Paperback Verified Purchase
I bought this book in 1987 when I took Morry Degroot's course in decision theory. I have used it ever since. The text makes all the connections between bayesian decision theory and probability theory and covers the useful techniques in both areas. Of course, Morry made the book even more effective through the excellent problem sets that are included. And they can be challenging as any really informative exercise would be.

I hesitated to write anything on this because it seemed presumptuous to "review" anything from Morry. But, I thought that I might be allowed this one testimonial to a person I will never forget and a book that has helped me for so long.
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8 of 8 people found the following review helpful By A Customer on December 2, 2002
Format: Hardcover
I was looking for particular information about conjugate priors , and this book had exactly what I was looking for.
Chapters Include: Subjective Probability, Utility, Decision Problems, Conjugate Prior Distributions, Sequential Decisions, Optimal Stopping
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4 of 6 people found the following review helpful By Karthik on April 5, 2003
Format: Hardcover
As an IO researcher I have found this book to be invaluable. Bayesian and sequential decision problems are explained from the bottom-up with great clarity. Its a shame this classic is out of print!
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