This paper is from Session 8I: Research on risk literacy

which comes under Topic 8: Research in statistics education

Comparing fast and frugal trees and Bayesian networks for risk assessment

Presenter

• Kathryn Laskey (George Mason University, United States)

Co-author

• Laura Martignon (Ludwigsburg University of Education, Germany)

Abstract

Fast and frugal trees have been proposed as efficient heuristics for decision under risk. We describe the construction of fast and frugal trees and compare their robustness for prediction under risk with that of Bayesian networks. In particular we analyze situations of risky decisions in the medical domain. We show that the performance of fast and frugal trees does not fall too far behind that of the more complex Bayesian networks.