Bayesian Statistics for Beginners
Book description
Bayesian statistics is currently undergoing something of a renaissance. At its heart is a method of statistical inference in which Bayes' theorem is used to update the probability for a hypothesis as more evidence or information becomes available. It is an approach that is ideally suited to making initial assessments…
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Why read it?
1 author picked Bayesian Statistics for Beginners as one of their favorite books. Why do they recommend it?
Many quant geeks are familiar with statistics. The dominant school of statistical thought is called "Frequentist" or "Classical."
It focuses on either 1) testing a given hypothesis by determining how likely observed data are on the assumption that the hypothesis is true or 2) constructing intervals for which a certain percentage of them contain the actual value of whatever is being estimated.
A lesser known, although this seems to be changing, school of thought is Bayesian statistics. It focuses on using prior information about some phenomenon in order to revise or update one's beliefs about it.
If you're into stats…
From Michael's list on quant geeks.
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