Optimal Binary Prediction for Group Decision Making
Bibliographic Data
| ID | 19418235 |
|---|---|
| Authors | Robert P Lieli (The University of Texas at Austin), Augusto Nieto-Barthaburu (East Carolina University) |
| Year | 2010 |
| Volume | 28 |
| Issue | 2 |
| Pages | 308-319 |
| Publication date | 2010-04-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Business and Economic Statistics (JOURNAL) |
| Journal identifiers | ISSN: 0735-0015 • E-ISSN: 1537-2707 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1198/jbes.2009.06120 |
| OpenAlex | W2062186747 |
| Language | EN |
| Citations received | 4 |
| References cited | 10 |
In this paper we address the problem of optimally forecasting a binary variable for a het-erogeneous group of decision makers facing various (binary) decision problems that are only tied together by the unknown outcome. A typical example is a weather forecaster who needs to estimate the probability of rain tomorrow and then report it to the public. Given a conditional probability model for the outcome of interest (e.g., logit or probit), we introduce the idea of maximum welfare estimation and derive conditions under which traditional estimators such as maximum likelihood or (non-linear) least squares are asymptotically socially optimal even when the underlying model is misspecified
Binary number · Conditional expectation · Decision tree · Econometrics · Economics · Estimator · Logistic regression · Logit · Mathematical economics · Multivariate probit model · Optimal decision · Ordinary least squares · Probit · Probit model · Statistics · Computer Science · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Forecasting Techniques and Applications · Mathematics · Artificial Intelligence
| Citations per year | 0.4 |
|---|---|
| Citation span | 2016 - 2025 (10) |
| Highly cited | No |