Bayesian credible interval
Definition
An interval computed from the posterior distribution of a parameter, given a prior and the observed data. Unlike a confidence interval, a credible interval carries a direct probability statement: there is a stated probability that the parameter lies in the interval.
Related terms
- Confidence interval (CI)
- A range computed from sample data using a procedure that, over many repetitions, would contain the true population parameter a stated percentage...
- Coverage probability
- The true long-run proportion of intervals, from repeated sampling, that contain the parameter. If a procedure has 95% nominal coverage and its...
- Critical value
- The value from a reference distribution (z or t) that cuts off the desired tail probability. For a 95% two-sided interval using...
- Margin of error
- Half the width of a symmetric confidence interval, equal to the critical value multiplied by the standard error. Commonly reported in survey...
- Standard error (SE)
- The standard deviation of the sampling distribution of an estimator. For the sample mean, SE equals the population standard deviation divided by...
Explained in
- Confidence Intervals and What a Sample Can SupportAn interval computed from the posterior distribution of a parameter, given a prior and the observed data. Unlike a confidence interval, a credible interval car...