What are the advantages of Bayesian inference?

What are the advantages of Bayesian inference?

Bayesian inference offers several advantages, such as incorporating prior knowledge, updating beliefs with new data, and providing a coherent framework for decision-making.

Can you explain how it incorporates prior knowledge?

Sure! Bayesian inference uses prior distributions to represent existing knowledge, which is then updated with new evidence to form posterior distributions.

What are some real-world applications of Bayesian inference?

It's widely used in fields like medicine for diagnostic testing, finance for risk assessment, and machine learning for model training.

Are there any limitations to Bayesian inference?

Yes, some limitations include the need for accurate prior information and potential computational complexity in certain models.