Bayesian Probability

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Bayesian Probability

A revision of a previous probability based on new information. In Bayesian analysis, one makes mathematical assumptions about unavailable information. As that information is gathered and disseminated, the Bayesian probability corrects or replaces the assumptions and alters its results accordingly.
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He took certain rules about "rational decision making" as axiomatic, and deduced personal probability and Bayes rules from these.
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