Bayesian estimation

Bayesian estimation is a statistical method used to update our beliefs about a situation as new evidence becomes available. It combines prior knowledge (or beliefs) with new data to provide a more accurate estimate of a parameter. Imagine you have a hunch about how many people prefer a certain flavor of ice cream; when you conduct a survey, Bayesian estimation helps you adjust your initial guess based on the survey results, leading to a more informed conclusion. This approach is particularly useful in uncertain situations, allowing for continuous learning and improvement as new information emerges.