Bayesian probability is one of the most popular interpretations of the concept of probability. The Bayesian interpretation of probability can be seen as an extension of logic that enables reasoning with uncertain statements. To evaluate the probability of a hypothesis, the Bayesian probabilist specifies some prior probability, which is then updated in the light of new relevant data. The Bayesian interpretation provides a standard set of procedures and formulae to perform this calculation. Bayesian probability interprets the concept of probability as “a measure of a state of knowledge”, in contrast to interpreting it as a frequency or a physical property of a system.

— Wikipedia on Bayesian probability

2010.09.02 Thursday ACHK