#152 A Bayesian decision theory workflow, with Daniel Saunders

• Support & get perks! • Proudly sponsored by PyMC Labs! • Intro to Bayes and Advanced Regression courses (first 2 lessons free)

Our theme music is « Good Bayesian », by Baba Brinkman (feat MC Lars and Mega Ran). Check out his awesome work ! Chapters: 00:00 The Importance of Decision-Making in Data Science 06:41 From Philosophy to Bayesian Statistics 14:57 The Role of Soft Skills in Data Science 18:19 Understanding Decision Theory Workflows 22:43 Shifting Focus from Accuracy to Business Value 26:23 Leveraging PyTensor for Optimization 34:27 Applying Optimal Decision-Making in Industry 40:06 Understanding Utility Functions in Regulation 41:35 Introduction to Obeisance Decision Theory Workflow 42:33 Exploring Price Elasticity and Demand 45:54 Optimizing Profit through Bayesian Models 51:12 Risk Aversion and Utility Functions 57:18 Advanced Risk Management Techniques 01:01:08 Practical Applications of Bayesian Decision-Making 01:06:54 Future Directions in Bayesian Inference 01:10:16 The Quest for Better Inference Algorithms 01:15:01 Dinner with a Polymath: Herbert Simon

Thank you to my Patrons for making this episode possible! Links from the show: Come meet Alex at the Field of Play Conference in Manchester, UK, March 27, 2026! https://www.fieldofplay.co.uk/ A Bayesian decision theory workflow Daniel's website, LinkedIn and GitHub LBS #124 State Space Models & Structural Time Series, with Jesse Grabowski LBS #123 BART & The Future of Bayesian Tools, with Osvaldo Martin LBS #74 Optimizing NUTS and Developing the ZeroSumNormal Distribution, with Adrian Seyboldt LBS #76 The Past, Present & Future of Stan, with Bob Carpenter