This is interesting, but I don’t see how to apply the solution. Presumably I either have no priors; or the priors are going to be generated by the same process I use to generate the values I am combining them with.
The resulting bias should be smaller if you choose the top 2 or 3 alternatives. E.g., give to 3 charities, not to 1.
This is interesting, but I don’t see how to apply the solution. Presumably I either have no priors; or the priors are going to be generated by the same process I use to generate the values I am combining them with.
The resulting bias should be smaller if you choose the top 2 or 3 alternatives. E.g., give to 3 charities, not to 1.
How do market traders deal with this problem?