Chapter 7. Bayesian Methods
Suppose I claim that I have a pair of magic rainbow socks. I allege that whenever I wear these special socks, I gain the ability to predict the outcome of coin tosses, using fair coins, better than chance would dictate. Putting my claim to the test, you toss a coin 30 times, and I correctly predict the outcome 20 times. Using a directional hypothesis with the binomial test, the null hypothesis would be rejected at alpha-level 0.05. Would you invest in my special socks?
Why not? If it's because you require a larger burden of proof on absurd claims, I don't blame you. As a grandparent of Bayesian analysis Pierre-Simon Laplace (who independently discovered the theorem that bears Thomas Bayes' name) once said: The weight ...
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