What is the difference between Bayesian inference and Frequentist statistics?

What is the difference between Bayesian inference and Frequentist statistics?

Bayesian inference incorporates prior beliefs and evidence to update probabilities, while Frequentist statistics relies on long-run frequencies.

Can you give me an example of when to use Bayesian methods?

Sure! Bayesian methods are useful in situations with limited data, like medical trials, where prior knowledge can inform the analysis.

What are some advantages of using Bayesian statistics?

Some advantages include the ability to incorporate prior information, flexibility in modeling, and clearer interpretation of results.

Are there any disadvantages to Bayesian methods?

Yes, disadvantages include the subjectivity in choosing priors and potentially higher computational costs.

How do Frequentist methods handle uncertainty?

Frequentist methods quantify uncertainty using confidence intervals and p-values, focusing on long-term performance of estimators.