To Double Business Bound

"Double Business Bound" is a term from Bayesian statistics describing a situation where a parameter estimate is constrained within a fixed, finite range. It is used in modeling scenarios where the underlying variable is known to lie between two bounds, such as probabilities between 0 and 1. In this context, the prior distribution assigns probabilities only within this limited scope, ensuring that the updated (posterior) estimates remain within the specified interval. This approach helps incorporate prior knowledge about limits directly into the analysis, leading to more realistic and constrained inferences about the parameter.