Why Be Bayesian If I'm a Frequentist?
summary
Compares Bayesian and frequentist approaches and gives an example showing why a Bayesian approach can be preferable in certain scenarios. Mentions practical experience of Federico Scenna, an economist and senior data scientist working in retail, pharma, banking and consulting, currently using NLP and generative AI.
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chapters (13)
- 0:00Introduction
- 1:18Speaker introduction
- 2:23Demand and prices example
- 6:56Modeling with synthetic data
- 9:49Frequentist vs Bayesian models
- 13:46Bayesian approach benefits
- 17:27Coefficient safety
- 19:13Parameter distribution flexibility
- 20:18Bayesian models with little data
- 21:01Disadvantages and compute needs
- 22:51Prior considerations
- 23:13Resources and tools
- 24:17Closing
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