Pick the prior that best captures the information
The new information you got from the social media company was:
Most ads get clicked on 5% of the time, but for some ads it is as low as 2% and for others as high as 8%.
There are many different probability distributions that one can argue captures this information.
- Out of the four Beta distribution shown below, which captures this information the best?
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Fundamentals of Bayesian Data Analysis in R
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