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> and no other prior knowledge about success probability This phrase is misleading, as Laplace's Rule of Succession is equivalent to assuming a uniform Bayesia
by jonahx 6mo ago
> and no other prior knowledge about success probability
This phrase is misleading, as Laplace's Rule of Succession is equivalent to assuming a uniform Bayesian prior over all values of p. That is, before any experiments, a 50% chance of success. Depending on the situation, this may be roughly accurate or wildly wrong. You cannot appeal to this rule to resolve the situation.
- falcor84 6mo agoWell, obviously if we have a better prior, then that's better. But assuming no other knowledge, and especially if we think that other people's priors could be intentionally misleading, this rule seems to offer the best estimate.
- jonahx 6mo agoGenerally speaking, you never truly have "no prior knowledge". Some relevant past experience, or "common sense", or something tips you away from "all probabilities are equally likely". I think this rule is rarely a best estimate.