Section 9: Bayesian Methods
All of the methods we have developed and used thus far in this course have been developed using what statisticians would call a "frequentist" approach. In this section, we revisit some of those methods using what statisticians would call a "Bayesian" approach. Specifically, we will:
- learn how a Bayesian would assign probabilities to certain events
- learn how a Bayesian would tackle the estimation of a parameter
- learn how a Bayesian would update the prior information she/he has about the value of a parameter
In case you are wondering, the picture to the right is that of the Reverend Thomas Bayes, after which the field of Bayesian statistics is aptly named.