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Critique of: "Ranking Procedures and Subjective Probability Distributions"

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  • Donald G. Morrison

    (Graduate School of Business, Columbia University)

Abstract

Professor Smith's article "Ranking Procedures and Subjective Probability Distribution" (Smith, L. H. 1967. Ranking procedures and subjective probability distributions. Management Sci. 14 (4, December) B236-B249.) is a worthwhile attempt at making the Bayesian decision theory concepts more operational; however, he has fallen far short of this objective. The example he chose (obtaining a subjective probability distribution on market share) is in many ways inappropriate for Smith's technique, and although his procedure is more "mathematical" than some existing methods, it is not as relevant. There are some relatively minor points in Smith's article on which one might quibble, but there are also enough major, substantive matters that we will direct our critique to these issues.

Suggested Citation

  • Donald G. Morrison, 1967. "Critique of: "Ranking Procedures and Subjective Probability Distributions"," Management Science, INFORMS, vol. 14(4), pages 253-254, December.
    • Handle: RePEc:inm:ormnsc:v:14:y:1967:i:4:p:b253-b254
    DOI: 10.1287/mnsc.14.4.B253
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    Cited by:

    1. Cassidy, P.A. & Rodgers, J.L. & McCarthy, W.O., 1970. "A Simulation Approach to Risk Assessment in Investment Analysis," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 38(01), pages 1-22, March.

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