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Bayesian Statistics

In: An Introduction to Statistical Data Science

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  • Giorgio Picci

    (University of Padua, Department of Information Engineering)

Abstract

In this chapter we address the Bayesian approach to statistical inference. This approach, unlike the classical Fisherian (or Frequentist) approach, assumes that there is an a priori information of probabilistic nature about the variable θ $$ \theta $$ which is the object of the statistical inference problem. making it a random variable which, by its very nature, cannot be assigned an exact numerical value. Many problems in econometrics and engineering have a natural formulation in the Bayesian context.

Suggested Citation

  • Giorgio Picci, 2024. "Bayesian Statistics," Springer Books, in: An Introduction to Statistical Data Science, chapter 6, pages 205-272, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-66619-3_6
    DOI: 10.1007/978-3-031-66619-3_6
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