A simple demo of Beta-Binomial Bayesian Update
Introduction
One of the most useful concepts that I’ve learned from work is about the beta-binomial model and its bayesian update process. Hence I would like to share this knowledge so that more people can benefit from it.
It is a very easy-to-use technique that can help us overcome the issue of data sparsity and give us a realistic estimation of a probability.
In the context of e-Business, we can use this technique to predict the conversion rate or click-through-rate (number of clicks/number of impressions).
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