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

It’s been more than 250 years since the appearance of Bayes theorem (named after English statistician, philosopher and Presbyterian minister Thomas Bayes: 1701-1761), one of the two fundamental ...

"Life isn’t chess, a game of perfect information, one that can in theory be 'solved.' It's poker, a game where you're trying to make the best decisions using the limited information you have. " When ...