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Bayes - Medreonet

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Step 2. Likelihood functions<br />

The likelihood function calculates the probability of<br />

observing the data for a given value of the prior<br />

estimate of a parameter<br />

The shape of the likelihood function embodies the<br />

amount of information contained in the data<br />

If the information is limited, the likelihood function<br />

will be broadly distributed, whereas if the information<br />

is significant, the likelihood function will be tightly<br />

focused around a particular parameter value

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