Research Article:
A Bayesian measure of association that utilizes the underlying distributions of noise and information
Authors: Ishan Goel, Sukant Khurana*
Tags: #Statistics #StatisticalStudies #Correlation#BayesianProbabiltyOfAssociation #BPA
WHAT ARE CORRELATIONS? WHY DO WE NEED TO BOTHER ABOUT THEM?
Correlations are useful in understanding the connectivity in two sets of information, as an effort to study the functioning of a system more intricately. The system could be anything ranging from a narrow field of study, financial market or an element of society. Such correlation studies are used in almost all the fields, particularly those which require thorough, multi-faceted and multi-layered research. Some of the best examples would be Neuroscience, Finance, and Social Sciences. Here, with the help of correlations, it becomes clear to comprehend the links among two or more elements, whether seemingly relevant or otherwise. Pearson Correlation Coefficient, one of the methods to study correlations, makes analytical and associative studies possible.
