METHODOLOGY OF BAYESIAN INFERENCE AND DECISION MAKING APPLIED TO EXTREME HYDROLOGIC EVENTS. Academic Article

Two types of statistical uncertainty were considered in this study. The Bayesian inference model is applied to a Bayesian decision model, where the decision rule is the maximization of expected net monetary benefits. A case study of determining the optimal size of local flood protection for Woonsocket, Rhode Island, was considered, using realistic flood damage and cost functions.

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