Your business studies lecturer has devoted the past ten weeks to teaching you the Bayesian approach and is now asking that you offer a critique of it. What key criticism could you raise?
A) The reliance on a prior probability is overly objective and therefore not open to a researcher's degrees of freedom.
B) The reliance on a prior probability is overly subjective and therefore can be open to a researcher's degrees of freedom.
C) The lack of reliance on a null hypothesis is overly objective and therefore open to a researcher's degrees of freedom.
D) The lack of reliance on a prior probability is overly subjective and therefore can be open to a researcher's degrees of freedom.

Question

Quizplus · Accepted Answer

The Bayesian approach has been criticized for its reliance on a prior probability, which can be subjective and open to a researcher's degrees of freedom. This is because the prior probability is often based on subjective beliefs or assumptions, which may differ from one researcher to another. In contrast, the frequentist approach relies solely on data and does not require a prior probability. However, the frequentist approach has its own limitations, such as the inability to quantify uncertainty and the reliance on the null hypothesis.

Your Business Studies Lecturer Has Devoted the Past Ten Weeks