The Bayes Factor

The Bayes Factor is a statistical tool that compares how well two different hypotheses or explanations fit the observed data. It tells us which hypothesis is more supported: if the Bayes Factor is greater than 1, the data favor one hypothesis; if it's less than 1, they favor the other. Essentially, it provides a ratio that quantifies the strength of evidence, helping us decide between competing explanations based on the data's likelihood under each. It's a valuable method for evaluating evidence in a rigorous, quantifiable way.