meaning of Bayesian probability

Bayesian probability meaning in Law Dictionary

whenever old quotes are altered according to brand new information. Relate to Bayes Theorem.

Bayesian probability meaning in Business Dictionary

Prior estimates of probability modified when you look at the light of expertise and new information. In accounting, for instance, an estimate of bad debts is modified if fiscal conditions change drastically or a specific course of customers (eg stores) are affected a lot more than others. See also Bayes' theorem.