prior probability

What Is Meant By Prior Probability?

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What Is Meant By Prior Probability? Prior probability shows the likelihood of an outcome in a given dataset. For example, in the mortgage case, P(Y) is the default rate on a home mortgage, which is 2%. P(Y|X) is called the conditional probability, which provides the probability of an outcome given the evidence, that is, when

What Is Prior And Posterior?

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What Is Prior And Posterior? Prior probability represents what is originally believed before new evidence is introduced, and posterior probability takes this new information into account. How do you find the prior mean? To specify the prior parameters α and β, it is useful to know the mean and variance of the beta distribution (for