Date of Original Version

10-2013

Type

Article

Rights Management

Copyright 2013 by the Philosophy of Science Association.

Abstract or Description

Statistical decision theory, whether based on Bayesian principles or other concepts such as minimax or admissibility, relies on minimizing expected loss or maximizing expected utility. Loss and utility functions are generally treated as unit-less numerical measures of value for consequences. Here, we address the issue of the units in which loss and utility are settled and the implications that those units have on the rankings of potential decisions. When multiple currencies are available for paying the loss, one must take explicit account of which currency is used as well as the exchange rates between the various available currencies.

DOI

10.1086/673267

Included in

Philosophy Commons

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Published In

Philosophy of Science, 80, 4, 504-532.