What the heck is statistical decision theory?

[Random Variable]

Wikipedia gives a very vague explanation.

 

[91TTZ]

I say go for it.

 

[IronWing]

Your username is what?

 

[Legendary]

Do it.
Odds are you'll succeed.

 

[teddyv]

I say go for it.

That's statistical proposition theory

 

[Aluvus]

A quantitative method of making decisions by assigning probabilities (estimated) to possible outcomes. This came from a rather informative lecture that was on the first page of Google results for "statistical decision theory".

There was also a textbook book by someone else, that has 5 stars from Amazon reviews.

 

[MagnusTheBrewer]

think of it as break even cost analysis applied to non financial decision making.

 

[sandorski]

It is the theory that when faced with tough choices, College/University students choose to take Statistics without knowing WTF they are getting into.