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Commercial statistics --- Statistical decision

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Management --- Ratio analysis --- Statistical decision --- Statistical methods

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Bayesian statistical decision theory. --- Probabilities. --- Induction (Mathematics) --- Truth. --- Induction (Mathematics).

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A Bayesian approach is used to investigate a sample's information about a portfolio's degree of inefficiency. With standard diffuse priors, posterior distributions for measures of portfolio inefficiency can concentrate well away from values consistent with efficiency, even when the portfolio is exactly efficient in the sample. The data indicate that the NYSE-AMEX market portfolio is rather inefficient in the presence of a riskless asset, although this conclusion is justified only after an analysis using informative priors. Including a riskless asset significantly reduces any sample's ability to produce posterior distributions supporting small degrees of inefficiency.

Bayesian statistical decision theory. --- Equilibrium (Economics) --- Mathematical models.

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Planning (firm) --- 519.8 --- Operational research --- Management science. --- 519.8 Operational research --- Management science --- Quantitative business analysis --- Management --- Problem solving --- Operations research --- Statistical decision