Among the several schools of thought of the theory of inference two main groups are now clearly recognizable: Those that define the probability of an event as the limit of its relative frequency when independent identical trials of a random experiment are performed, and those that define probability in some other way. We shall agree to call the former group Frequentist and the latter Bayesian, only for identification purposes. The need for an alternative theory of probability arose in practice to handle situations when there was relevant prior information concerning the problem under scrutiny or when repeated trials were practically or theoretically impossible to perform.
KeywordsBayesian Theory Conjugate Prior Bayesian Setting Noninformative Prior Total Ignorance
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