y are call…ian prior distribution with a Gaussian likelihood function, I’ll get a Gaussian posterior function. The fact that the posterior and prior are both from the same distribution family (they are both Gaussians) means that they are called conjugate distributions. In this case the prior distribution is known as a conjugate prior.
…ncept that helps economists predict how competing companies will set prices, how much to pay a much-in-demand employee and even how to design auctions so as to squeeze the most out of bidders. It was developed by John Nash, the Nobel-winning economist and mathematician, whose life story was told in the Academy Award-winning movie A Beautiful Mind.