# Definition:Bayesian Decision Theory

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## Definition

**Bayesian decision theory** is a branch of decision theory which is informed by Bayesian probability.

It is a statistical system that tries to quantify the tradeoff between various decisions, making use of probabilities and costs.

## Also see

- Results about
**Bayesian decision theory**can be found**here**.

## Source of Name

This entry was named for Thomas Bayes.

## Sources

- 1991: Roger B. Myerson:
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