Bayesian Statistics
A beta prior is a specific type of prior distribution used in Bayesian statistics, characterized by its flexible shape, which can take on various forms depending on its parameters. This distribution is particularly useful for modeling probabilities because it is defined on the interval [0, 1], making it ideal for representing beliefs about the success probability of Bernoulli trials. The beta prior serves as a conjugate prior for the binomial likelihood, simplifying the process of deriving posterior distributions.
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