Bayesian Theory - Bernardo, Jose M. (University de Valencia, Spain) a Smith, Adrian F. M. (Imperial College of Science, Technology and Medicine, UK)

A controversial philosophical approach to statistics following the work of Rev Thomas Bayes (1701). To solve a problem or to make a decision, the Bayesian collects data from all possible theories and assigns a probability to them. This generates a prior distribution from which, workable parameters are determined and complex calculations are made.