Using Bayesian Analysis to Assess the Value of Conducting ...

The odds of ‘heads’ on a single coin flip are 50%; the odds of heads on two consecutive coin flips are 25% (that is, 50% x 50%). If the coin and flipper are ‘fair’—the heads-versus-tails odds are equal and the coin flips are independent—then you multiply the probabilities of each outcome to determine the probability of those ... ................
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