What are some real-world examples of Bayesian inference?

What are some real-world examples of Bayesian inference?

Bayesian inference is used in various fields. For instance, in medicine, it's applied to update the probability of a disease as new test results come in.

Can you give me another example?

Sure! In finance, Bayesian inference helps in risk assessment by updating the probabilities of market movements based on new data.

How does it work in machine learning?

In machine learning, Bayesian methods are used for model selection and parameter estimation, allowing models to adapt as more data becomes available.

What are the advantages of using Bayesian inference?

Some advantages include the ability to incorporate prior knowledge, handle uncertainty, and update beliefs with new evidence.