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I know this reply is a bit late, but, at least in my professional experience, Bayesian decision making typically does not involve just a probability of an event
by PheonixPharts 3y ago
I know this reply is a bit late, but, at least in my professional experience, Bayesian decision making typically does not involve just a probability of an event (in which thresholds are more or less arbitrary, including p-values) but involves mapping the probably to a cost/value in which the threshold isn't determined by arbitrary probability threshold but died to business value.
In the most common situations this typically means the expected value well exceeds the expected cost and you're comfortable with the risk if you're wrong.