The century of Bayes

Joseph Retzer

While many in marketing research have probably heard something about ‘Bayesian analysis’, chances are they are not quite sure what it is or what, if anything, would make them want to use it.
  

The Century of Bayes

Joseph J. RetzerMaritz Research

A BIT OF HISTORY

The Bayesian 'machine' together with MCMC is arguably the most powerful mechanism ever created for processing data and knowledge.

(Berger 2001)

In 1763 the Reverend Thomas Bayes, a British mathematician and Presbyterian minister, formulated Bayes' theorem. His 'Essay towards solving a problem in the doctrine of chances', outlining the theorem, was published posthumously by his friend and colleague Richard Price. While his theory (also referred to as the theory of inverse probability) has been well known by both traditional and Bayesian statisticians for some time,...

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