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Giuseppe Biondi-Zoccai is a renowned expert in cardiology, medical research methodology and evidence synthesis
Will Kurt's Bayesian Statistics the Fun Way introduces Bayesian thinking as a method to update beliefs based on new data. It contrasts Bayesian probability with frequentist methods, emphasizing subjective belief and its evolution. The book is important for its practical, accessible approach to using Bayesian reasoning in everyday decision-making and data analysis
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Similar ideas to Bayesian Probability vs. Frequentist Approach
Based on the concept of probability, Bayesian Statistics computes and analyzes prior data to forecast the future trend. If there is a specific change in the present, the prior data will not reflect that.
Frequency analysis, therefore, is computing the likelihood of a speci...
Oh yes; the biggest problems tend to arise when investors forget about the difference between probability and outcome—that is, when they forget about the limits on foreknowledge:
• when they believe the shape of the probability distribution is knowable with certainty (and that they know it...
Our self-beliefs keep updating after seeing new data presented to us by the world we live in. If we are able to assimilate all data and update/revise our mind, then ‘belief-updating’ happens.
If the mind does not get input, there is no belief updating, even if the event/data is the...
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