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The Weight of Competence under a Realistic Loss Function

Authors
Publication Date
Keywords
  • Probability/Statistics
  • Decision Theory
  • Confirmation/Induction
  • Science Policy
Disciplines
  • Economics

Abstract

In many scientific, economic and policy-related problems, pieces of information from different sources have to be aggregated. Typically, the sources are not equally competent. This raises the question of how the relative weights and competences should be related to arrive at an optimal final verdict. Our paper addresses this question under a more realistic perspective of measuring the practical loss implied by an inaccurate verdict.

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