sequential analysis
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by
Steven
N.
Durlauf
and
Lawrence
E.
Blume
Alternate versions available:
1987 Edition
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Abstract
Data often arrives sequentially, rather than as a collection. When this occurs – or when the experiment can be designed so that this occurs – there can be a considerable advantage in using statistical methods, called sequential analysis, that are tailored to such situations. Classical frequentist statistical methods require analysis with a pre-specified collection of data, and hence cannot be used in such sequential settings. Interestingly, Bayesian methods can be directly used in sequential settings.
Keywords
Bayesian statistics; dynamic programming; Friedman, M.; sequential analysis; stopping rules; Wald, A.; Wallis, W. A.
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How to cite this article
Berger, James O. "sequential analysis." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 21 May 2013 <http://www.dictionaryofeconomics.com/article?id=pde2008_S000098> doi:10.1057/9780230226203.1513

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