Answer Posted / Amardeep Singh Sethi

Bayesian and Frequentist are two main philosophical schools of statistical inference. Bayesian methods update the probability of a hypothesis based on observed data, using prior knowledge to inform the estimation process. In contrast, Frequentist methods estimate parameters as fixed quantities from the sample data, without incorporating prior knowledge. Bayesian methods often require more computational resources and complex models but can provide probabilistic interpretations of results.

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