Bayesian Priors

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Definition: Bayesian Priors

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.

Cite Term

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Page URL
Modern Language Association (MLA):
Bayesian Priors. Payroll & Accounting Heaven Ltd.
September 30, 2023
Chicago Manual of Style (CMS):
Bayesian Priors. Payroll & Accounting Heaven Ltd. (accessed: September 30, 2023).
American Psychological Association (APA):
Bayesian Priors. Retrieved September 30, 2023
, from website:

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.