In statistics today, there are two schools of thought as to how we interpret data and make statistical inferences. The classical and more dominant approach to date has been what is termed the frequentist approach (refer to Chapter 7, A Tour of Statistics – The Classical Approach). We are looking at the Bayesian approach in this chapter.
Bayesian statistics versus frequentist statistics
What is probability?
At the heart of the debate between the Bayesian and frequentist worldview is the question of how we define probability.
In the frequentist worldview, probability is a notion that is derived from the frequencies of repeated events—for example, when we define the probability of getting heads when a fair coin...
