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Puzzle 4A -
Different kinds of Bets |
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Puzzle 4A There are two kinds of statistics, (1) frequentist statistics and (2) Bayesian statistics. The first kind asks "if things don't
change, what is the chance that things will continue as they are?" It
examines what happens OVER THE LONG RUN. Example: click on the coin below 10
times and write down the number of times it turns up heads and the
number of times it turns up tails (if it doesn't change it comes up the
same). Get the proportion of heads to tails. If it is about 50/50, then the
coin is not loaded. If it is not 50/50, then a frequentist would make a bet
that continued flipping of the coin would continue to be at about the same
proportion (it being loaded), and would generally win the bet.
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