October 2019
Beginner to intermediate
674 pages
16h 43m
English
Content preview from Mastering pandas - Second Edition
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Bayes' theory and odds
Bayes' theorem can sometimes be represented in a more natural and convenient form by using an alternative formulation of probability called odds. Odds are generally expressed in terms of ratios and are commonly used. A 3-to-1 odds (written often as 3:1) of a horse winning a race represents the fact that there is a 75 percent probability that the horse will win.
Given a probability p, the odds can be calculated as odds = p:(1 - p), which in the case of p=0.75 becomes 0.75:0.25, which is 3:1.
Using odds, we can rewrite Bayes' theorem as follows:
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