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Bayesian Statistics

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Explain with the help of a text or personal example, the use and application of Bayes' approach. Briefly, what is the history of Bayesian statistics, and how is it being used in business today? What is the difference between Bayes' and Empirical Bayes' approaches?

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This solution provides explanation of how to use an application of Bayes' approach.

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Suppose I would like to determine my "true" free-throw percentage. A Bayesian approach to this problem would be to use knowledge of my own athletic ability, to determine a range (actually a probability distribution) of probable values for my true free-throw percentage---this is called a prior distribution. Then, once I have specified a prior distribution for my true free-throw percentage, I can collect data by shooting some free throws and recording the number of shots made and the number of shots attempted. After the data are collected, I use Bayes' Theorem to update my prior beliefs about my. True ...

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