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Bayesian decision-makers reaching consensus using expert information

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.

Identiferoai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:cut/oai:ir.cut.ac.za:11462/534
Date January 2009
CreatorsGarisch, I.
ContributorsCentral University of Technology, Free State, Bloemfontein
PublisherJournal for New Generation Sciences, Vol 7, Issue 2: Central University of Technology, Free State, Bloemfontein
Source SetsSouth African National ETD Portal
Languageen_US
Detected LanguageEnglish
TypeArticle
Format260 770 bytes, 1 file, Application/PDF
RightsCentral University of Technology, Free State, Bloemfontein
RelationJournal for New Generation Sciences;Vol 7, Issue 2

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