To implement Bayes’ Theorem, the prior of something must be known
Not quite the way I’d put it. If you know the exact prior for the unique event you’re predicting, you already know the posterior. All you need is a non-pathologically-terrible prior, although better ones will get you to a good prediction with fewer observations.
Not quite the way I’d put it. If you know the exact prior for the unique event you’re predicting, you already know the posterior. All you need is a non-pathologically-terrible prior, although better ones will get you to a good prediction with fewer observations.