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

This article was published in Scientific American’s former blog network and reflects the views of the author, not necessarily those of Scientific American I’m not sure when I first heard of Bayes’ ...

Get a simple explanation of Bayes’ Theorem that anyone can understand, even with no advanced math background. This video ...

Over the years, many writers have implied that statistics can provide almost any result that is convenient at the time. Of course, honest practitioners use statistics in an attempt to quantify the ...

Bayes' theorem, also called Bayes' rule or Bayesian theorem, is a mathematical formula used to determine the conditional probability of events. The theorem uses the power of statistics and probability ...

Having a strong opinion about an issue can make it hard to take in new information about it, or to consider other options when they’re presented. Thankfully, there’s an old rule that can help us avoid ...

Our eyes, gestures, and tone bring us together in a more profound way than words alone. It’s why we look hopefully toward the return of in-person, face-to-face connection. In science, progress is ...

The stock market is an ever-changing place. In fact, it’s changing every second of every day as prices go up and down, and new factors impact the trajectory of the market. It’s important for investors ...