Bayesian Statistics

Bayesian statistics is a theory in the field of statistics based on the Bayesian interpretation of probability, where probability is treated as a degree of belief in a proposition. This approach formally combines prior knowledge about a parameter, expressed as a "prior probability distribution," with evidence from observed data through the application of Bayes' Theorem. The result is a "posterior probability distribution," which represents an updated state of belief about the parameter, effectively providing a framework for learning and revising beliefs in light of new evidence.