This paper presents a maximum entropy framework for the aggregation of expert opinions where the expert opinions concern the prediction of the outcome of an uncertain event. The event to be predicted and individual predictions rendered are assumed to be discrete random variables. A measure of...

Labels certify that a product meets some standard for quality, but often consumers are unsure of the exact standard that the label represents. Focusing on the case of ecolabels for environmental quality, we show how even small amounts of uncertainty can create consumer confusion that reduces or...

It is shown that the proposal for a utility-weighted informational measure discussed by Belis, and Guiasu (Belis, M., S. Guiasu. 1968. A quantitative-qualitative measure of information in cybernetic systems. IEEE Trans. Information Theory 14 593--594.) and others can be formulated in terms of...

The focus of this research is to demonstrate how probabilistic models may be used to provide early warnings for bank failures. While prior research in the auditing literature has recognized the applicability of a Bayesian belief revision framework for many audit tasks, empirical evidence has...

Websites typically provide several links on each page visited by a user. Whereas some of these links help users easily navigate the site, others are typically used to provide targeted recommendations based on the available user profile. When the user profile is not available (or is inadequate),...

We consider the case of a batch of discrete units produced by a process subject to failures under a known probability distribution function, and apply information theory to the problem of finding the first nonconforming unit in the batch at minimum cost. Two distinct but related aspects of this...