- I'm not getting any of this...
- If they're not priors, what are they?
- Why would the prior probability of the coin being fair be Zero?
Jabba,
Suppose you toss a coin ten times, and it comes up heads every time. However, you have previously examined the coin, tested it carefully, and determined unambiguously that it is completely unbiased. What is the probability, given that all ten tosses were heads, that the coin is fair?
Now, suppose you toss a coin that you know to be double-headed ten times, and it comes up heads every time. What now is the probability, given that all ten tosses were heads, that the coin is fair?
In the first case, the prior probability that the coin is fair is 1. In the second, the prior probability is zero. In the first case, therefore, the likelihood that the coin is fair is 1; it cannot be less. And in the second case, the likelihood is 0; it cannot be more.
Now, suppose you toss a third coin ten times, and it comes up heads every time. What is the probability,
based on this knowledge alone, that the coin is fair? The only possible answer is that you cannot know that probability; you do not know a prior probability that the coin is fair, so you have insufficient data.
Dave