July 2019
Beginner
256 pages
6h 59m
English
Content preview from Bayesian Statistics the Fun Way
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5THE BETA DISTRIBUTION
This chapter builds on the ideas behind the binomial distribution from the previous chapter to introduce another probability distribution, the beta distribution. You use the beta distribution to estimate the probability of an event for which you’ve already observed a number of trials and the number of successful outcomes. For example, you would use it to estimate the probability of flipping a heads when so far you have observed 100 tosses of a coin and 40 of those were heads.
While exploring the beta distribution, we’ll also look at the differences between probability and statistics. Often in probability texts, we are given ...
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