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Assessing parameter uncertainty on coupled models using minimum information methods

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  • Bedford, Tim
  • Wilson, Kevin J.
  • Daneshkhah, Alireza

Abstract

Probabilistic inversion is used to take expert uncertainty assessments about observable model outputs and build from them a distribution on the model parameters that captures the uncertainty expressed by the experts. In this paper we look at ways to use minimum information methods to do this, focussing in particular on the problem of ensuring consistency between expert assessments about differing variables, either as outputs from a single model or potentially as outputs along a chain of models. The paper shows how such a problem can be structured and then illustrates the method with two examples; one involving failure rates of equipment in series systems and the other atmospheric dispersion and deposition.

Suggested Citation

  • Bedford, Tim & Wilson, Kevin J. & Daneshkhah, Alireza, 2014. "Assessing parameter uncertainty on coupled models using minimum information methods," Reliability Engineering and System Safety, Elsevier, vol. 125(C), pages 3-12.
    • Handle: RePEc:eee:reensy:v:125:y:2014:i:c:p:3-12
    DOI: 10.1016/j.ress.2013.05.011
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    References listed on IDEAS

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    1. Bernd Kraan & Tim Bedford, 2005. "Probabilistic Inversion of Expert Judgments in the Quantification of Model Uncertainty," Management Science, INFORMS, vol. 51(6), pages 995-1006, June.
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    Cited by:

    1. Fouladirad, Mitra & Paroissin, Christian & Grall, Antoine, 2018. "Sensitivity of optimal replacement policies to lifetime parameter estimates," European Journal of Operational Research, Elsevier, vol. 266(3), pages 963-975.
    2. Medeiros, C.P. & Alencar, M.H. & de Almeida, A.T., 2017. "Multidimensional risk evaluation of natural gas pipelines based on a multicriteria decision model using visualization tools and statistical tests for global sensitivity analysis," Reliability Engineering and System Safety, Elsevier, vol. 165(C), pages 268-276.
    3. Christoph Werner & Tim Bedford & John Quigley, 2018. "Sequential Refined Partitioning for Probabilistic Dependence Assessment," Risk Analysis, John Wiley & Sons, vol. 38(12), pages 2683-2702, December.
    4. Tabassom Sedighi & Liz Varga & Amin Hosseinian-Far & Alireza Daneshkhah, 2021. "Economic Evaluation of Mental Health Effects of Flooding Using Bayesian Networks," IJERPH, MDPI, vol. 18(14), pages 1-16, July.

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