Explain in detail the Bayesian Approach and give at least one example
Explain in detail the Bayesian Approach and give at least one example
Question
Explain in detail the Bayesian Approach and give at least one example
Expert Solution
Step 1: Bayesian approach
The Bayesian approach is a statistical method used to update the probability of a hypothesis based on new evidence or data. It involves assigning prior probabilities to the hypothesis and then updating these probabilities based on the likelihood of the observed data given the hypothesis. The updated probabilities are known as posterior probabilities and are used to make decisions or predictions.
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