Estimating parameters by frequentist and Bayesian approaches
mediaposted on 15.12.2021, 22:40 authored by Mike E. Goddard, RUIDONG XIANGRUIDONG XIANG, Fazel AlmasiFazel Almasi
Frequentists estimate parameters by choosing the value that maximises the likelihood of the data. The Bayesian approach assumes that the unknown value of a parameter is drawn from a prior distribution and it can be estimated by the mean of the distribution of the parameter conditional on the data. The Bayesian approach is often superior if a rational prior distribution is known.
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