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- W4237051235 abstract "The decision-theoretic approach to statistics and econometrics explicitly specifies a set of models under consideration, a set of actions that can be taken, and a loss function that quantifies the value to the decision-maker of applying a particular action when a particular model holds. Decision rules, or procedures, map data into actions, and can be ordered according to their Bayes, minmax, or minmax regret risks. Large sample approximations can be used to approximate complicated decision problems with simpler ones that are easier to solve. Some examples of applications of decision theory in econometrics are discussed." @default.
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- W4237051235 date "2008-01-01" @default.
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- W4237051235 title "Decision Theory in Econometrics" @default.
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- W4237051235 doi "https://doi.org/10.1057/978-1-349-95121-5_2297-1" @default.
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