Bayesian Estimation Essay Example | Topics and Well Written Essays - 750 words

Bayesian Estimation - Essay Example bability is a number between 0 and 1 which is used to determine, the chances of occurrence of the specific outcome, if an experiment is repeated for 100 times over and over again. The humans are always interested in finding out what happened in the past and what is going to happen in the future as well. The historical article named â€Å"The Future has already happened† delivers the idea of Bayesian statistics very adequately as it states that one can easily extrapolate future events by observing the happenings of the present. Additionally, the main difference between Bayesian and traditional statistics is simple because the former one developed techniques for interval estimation for mean, standard deviation and proportion of target populations. The interval estimation works its numbers in order to find the maximum limit and minimum boundary in between which a parametric value can assume any figure. On the other hand, the traditional statistical theory is based on the belief t hat humans can measure parametric values with perfection and therefore, its followers came up with methods that can supposedly be used in order to determine point estimates of values of the population. The science is believed to be nothing more than a best guess and the whole world is demonstrating change of one kind or another. The point estimates are going to be good for one point in time. However, an interval estimate will be applicable in the fairly distant future. The old Greek scientists were of the view that human intellect is superior and they can estimate each and every thing in the world. Muslim scholars later came up with a logic that supported presence of change in the universe and one time experiment is expected to change in terms of its results in future. Bayesian statistics argue that humans cannot know anything for certain and therefore, they work in order to perfect the estimation techniques. The natural and physical laws do not change but human behavior does as time goes by.