Bayesian Methods with Application in Risk Analysis

Abstract — In risk analysis, Bayesian methods are more adaptability and flexibility than traditional methods when be used to construct decision framework, estimate risk distribution and parameterize model, but has shortcomings at the same time. Robust methods make up some limitations of Bayesian methods, the analysis of uncertainty indicate that robust Bayesian methods can produce more reliable inference in the absence of comprehensive statistical information. Keywords-risk; uncertainty; Bayesian; robust I