Statistics: What is the Beta Distribution?
<p>In order to understand beta distributions, lets image we have three coins. These coins can either land on heads or tails but all of them are rigged. The first one returns heads with a probability of 40%. The second one returns heads with the probability of 60% and the third one returns heads with a probability of 80%. We grab one of these coins but we don’t know which one we have grabbed. The point is to guess which coin we have grabbed so we flip it 5 times. We get heads three times in a row and tails for the other two times. Now the question is what coin do you think we grabbed? The first one is expected to returns heads 2/5 times, the second one 3/5 times and the third one 4/5 times it must be the second one. However we aren’t 100% sure. Now the question is what are the probabilities that we picked each one of the three coins.</p>
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