Month: February 2015

Introduction to Bayesian Parameter Estimation and Censored Data (Python Implementation)

In the previous post Bayesian parameter estimation was introduced in the context of right censored data. The probability distribution for the belief of a given estimate of the mean of the underlying distribution was explicitly derived. In this post the estimate will be implemented on a trial dataset generated and analyzed in python using the numpy and matplotlib libraries. The goal…

Introduction to Bayesian Parameter Estimation and Censored Data (Theory)

What is Bayes Theorem? Bayes theorem can provide a framework for parameter estimation that allows for the estimation of parameters in a flexible way that starts from simple principles. This is appealing for people who do not enjoy memorizing formulas and deriving an estimate from first principles. The model building all starts from the following formula called Bayes theorem similar to how…