Bayesian Basics, Explained

@machinelearnbot 

Editor's note: The following is an interview with Columbia University Professor Andrew Gelman conducted by Marketing scientist Kevin Gray, in which Gelman spells out the ABCs of Bayesian statistics. Kevin Gray: Most marketing researchers have heard of Bayesian statistics but know little about it. Can you briefly explain in layperson's terms what it is and how it differs from the'ordinary' statistics most of us learned in college? Andrew Gelman: Bayesian statistics uses the mathematical rules of probability to combines data with "prior information" to give inferences which (if the model being used is correct) are more precise than would be obtained by either source of information alone. Classical statistical methods avoid prior distributions.

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