The Effect of Exchange Rates on Statistical Decisions
Bibliographic Data
| ID | 10705197 |
|---|---|
| Authors | Mark J Schervish (0000-0001-8550-9268, Michael Baker International (United States)), Teddy Seidenfeld (0000-0003-4828-2388, Michael Baker International (United States)), Joseph B Kadane (0000-0003-1548-5912, Michael Baker International (United States)) |
| Year | 2013 |
| Volume | 80 |
| Issue | 4 |
| Pages | 504-532 |
| Publication date | 2013-10-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Philosophy of Science (JOURNAL) |
| Journal identifiers | ISSN: 0031-8248 • E-ISSN: 1539-767X |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1086/673267 |
| OpenAlex | W2054913091 |
| Language | EN |
| Citations received | 2 |
| References cited | 16 |
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
Actuarial science · Currency · Econometrics · Economics · Expected utility hypothesis · Mathematical economics · Minimax · Monetary economics · Statistics · Unit (ring theory) · Unit of account · Value (mathematics) · Computer Science · Forecasting Techniques and Applications · Market Dynamics and Volatility · Mathematics · Monetary Policy and Economic Impact
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,4 |
| Citation span | 2021 - 2025 (5) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 2 |