Statistical Methods for Data Science
The beta distribution is a continuous probability distribution defined on the interval [0, 1], characterized by two shape parameters, commonly denoted as \(\alpha\) and \(\beta\). This distribution is particularly useful in Bayesian statistics as it serves as a prior distribution for binomial proportions and provides a flexible framework to model uncertainty about probabilities. By adjusting the parameters, the beta distribution can take various shapes, including uniform, U-shaped, or bell-shaped, allowing it to represent a wide range of beliefs about probability distributions before observing any data.
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