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

Sequential conditional probability ratio tests (SCPRTs) provide monitoring procedures with a unique property that a decision reached at early stopping is unlikely to be reversed should the trial ...

One of the goals of statistics is to make inferences about population parameters from a limited set of observations. Last month, we showed how Bayes' theorem is used to update probability estimates as ...

Sankhyā: The Indian Journal of Statistics (1933-1960), Vol. 5, No. 2, Proceedings of the Indian Statistical Conference 1940 (1941), pp. 151-156 (6 pages) ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Thomas J Catalano is a CFP and Registered ...