by John on (#6ZJZG)
The beta distribution is a conjugate prior for a binomial likelihood function, so it makes posterior probability calculations trivial: you simply add your data to the distribution parameters. If you start with a beta(, ) prior distribution on a proportion , then observes successes and f failures, the posterior distribution on is beta( + [...]The post You can't have everything you want: beta edition first appeared on John D. Cook.