Bayesian Statistics Basics

Question 1

What is the fundamental difference between frequentist and Bayesian statistics?

Answer 1

Frequentist statistics focuses on fixed parameters and probability distributions, while Bayesian statistics incorporates prior knowledge and updates probabilities based on new evidence.

Question 2

Explain the Bayesian interpretation of probability.

Answer 2

In Bayesian statistics, probability reflects a degree of belief or certainty in a statement. It is updated as new evidence becomes available, incorporating prior beliefs and likelihoods.