Bayesian Priors

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Definition: Bayesian Priors




Full Definition of Bayesian Priors


This technique is an explicit statement about subjective probability concerning an event. The willingness to place a zero probability on an event often betrays a misunderstanding of this concept. Probabilities must range between zero and one. The probability of intelligent life on Mars may be close to zero but with new evidence, this could be updated upwards.


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Bayesian Priors. PayrollHeaven.com. Retrieved September 25, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/bayesian-priors/

Definition Sources


Definitions for Bayesian Priors are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 4th August, 2021 | 0 Views.