Understanding Prior Probability in Bayesian Statistics

Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.
Scientific American

What is Bayes's theorem, and how can it be used to assign probabilities to questions such as the existence of God? What scientific value does it have?

Chris Wiggins, an associate professor of applied mathematics at Columbia University, offers this explanation. A patient goes to see a doctor. The doctor performs a test with 99 percent ...