Credible interval

A credible interval, used in Bayesian statistics, expresses the probability of an unknown parameter falling within a certain range, given the observed data and prior beliefs about the parameter. In simpler terms, it reveals how likely a true value lies within a specific range based on evidence and initial assumptions

Alternative Meanings:

credible interval
A credible interval refers to Bayesian statistics where, if the probability of possible values falling into the range is 0.95, this is called a 95% credible interval. Contrast with a 'confidence interval' which assumes a fixed parameter. A 95% confidence interval refers to the range where if one does 100 experiments, the true value will fall within calculated confidence intervals 95% of the time.

Credible interval

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