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Why would a bayesian model be better than, say, astrology in pricing that?
by oldgradstudent 1y ago
Why would a bayesian model be better than, say, astrology in pricing that?
- lormayna 1y agoBayesian models are working fine when you have few datas, and I have used the last conclaves ballots number to "train" that. It was mostly a toy project to understand better how a Bayesian model is working.
- oldgradstudent 1y agoYou can build a model, but is there any reason to assume it can predict what you want it to predict?
- lormayna 1y agoA very rudimentary process for a conclave election can be modeled by a geometric distribution. So using a bayesian model to estimate that can be appropriate. Of course, if you want a better estimation you need a more complex model, but I repeat, for a toy project it would be interesting. Anyway, at least the real election at 4th ballot was inside the confidence interval predicted by my model.