Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.

It’s estimated that human adults make about 35,000 decisions a day — the percentage of good decisions depends on the adult. These choices can be as banal as deciding to roll or crumple toilet paper or ...

Every utility matrix in a Bayesian decision problem determines a "critical probability" for each of the states of nature: when a critical probability is exceeded, the assessment of the remaining ...

What’s often misunderstood about Google’s incrementality testing and how Bayesian models use probability to guide better ...

Bayesian methods have emerged as a pivotal framework in the design and analysis of clinical trials, offering a systematic approach for updating evidence as new data become available. By utilising ...

Scientists have developed a method to identify symmetries in multi-dimensional data using Bayesian statistical techniques. Bayesian statistics has been in the spotlight in recent years due to ...

A Bayesian approach to the modelling of outliers is presented and examined in relation to members of the exponential family in general, and the exponential distribution in particular. The approach is ...

Symmetries in nature make things beautiful; symmetries in data make data handling efficient. However, the complexity of identifying such patterns in data has always bedeviled researchers. Scientists ...