Bayes Factors

Bayes Factors are a way to compare how well two different explanations or hypotheses fit the same set of data. Imagine testing if a new drug is effective versus it not being effective. The Bayes Factor quantifies how much more likely the data are under one hypothesis compared to the other. A high value favors one explanation, while a low value favors the other. This approach helps evaluate evidence without relying solely on traditional p-values, making it useful for making informed decisions based on the strength of the data supporting each hypothesis.