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A Subjective Bayes Approach to the Queueing System M/E k /c

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Modelling and Decisions in Economics

Abstract

What do we really know about the values of the parameters, e.g. traffic intensity, of a queueing system in a specific application? No matter how long we observe the system, our knowledge will always be uncertain. There is a variety of reasons why this aspect should not be neglected, for example, it may be important to detect discrepancies between desirable and real parameter values. We adopt the subjective Bayesian concept of statistics in order to take this uncertainty explicitly into account. In this framework we discuss how learning about the parameters from observations, departing from a state of no information, proceeds in the system M/E k /c, and some advantages of the subjective approach. A real-life example is used for illustration.

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© 1999 Springer-Verlag Berlin Heidelberg

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Schmidbauer, H., Rösch, A. (1999). A Subjective Bayes Approach to the Queueing System M/E k /c . In: Leopold-Wildburger, U., Feichtinger, G., Kistner, KP. (eds) Modelling and Decisions in Economics. Physica, Heidelberg. https://doi.org/10.1007/978-3-662-12519-9_9

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  • DOI: https://doi.org/10.1007/978-3-662-12519-9_9

  • Publisher Name: Physica, Heidelberg

  • Print ISBN: 978-3-7908-2462-9

  • Online ISBN: 978-3-662-12519-9

  • eBook Packages: Springer Book Archive

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