There are also two schools of bayesian thinking: “It is popular to divide Bayesians into two main categories, “objective” and “subjective” Bayesians. The divide is sometimes made formal, there are conferences labelled as one but not the other, for example.
A caricature of subjective Bayes is that all probabilities are just opinion, and the best we can do with an opinion is make sure it isn’t self contradictory, and satisfying the rules of probability is a way of ensuring that. A caricature of objective Bayes is that there exists a correct probability for every hypothesis given certain information, and that different people with the same information should make exactly the same probability judgments.”
There are also two schools of bayesian thinking: “It is popular to divide Bayesians into two main categories, “objective” and “subjective” Bayesians. The divide is sometimes made formal, there are conferences labelled as one but not the other, for example.
A caricature of subjective Bayes is that all probabilities are just opinion, and the best we can do with an opinion is make sure it isn’t self contradictory, and satisfying the rules of probability is a way of ensuring that. A caricature of objective Bayes is that there exists a correct probability for every hypothesis given certain information, and that different people with the same information should make exactly the same probability judgments.”