#152 A Bayesian decision theory workflow, with Daniel Saunders

• Support & get perks!

• Proudly sponsored by PyMC Labs! Get in touch at alex.andorra@pymc-labs.com

• 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