Advanced Quantitative Methods
The beta distribution is a continuous probability distribution defined on the interval [0, 1], commonly used in Bayesian statistics and to model random variables that are constrained within this range. It is characterized by two shape parameters, alpha and beta, which allow it to take on various forms, making it versatile for representing uncertainty in different scenarios. This flexibility connects it closely with Bayesian inference as it can serve as a prior distribution, and with Markov Chain Monte Carlo methods as a target distribution for sampling.
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