The conversation between human and AI assistant.
What is the difference between the prior and the posterior in statistics?
Interesting. Can you give me an example of how this works?
Sure! Let's say you have a coin and you want to know the probability that it lands on heads. Initially, you have no information, so you assign a prior probability of 0.5. As you flip the coin and get more data, your posterior probability gets updated based on that new evidence.