Abstract
The paper deals with the problem of the estimation of an unknown probability from a finite number of experiments. We propose a normative (axiomatic) solution that restricts the class of admissible estimators to a one-parameter family. Moreover this solution coincides with the one obtained from Bayes theory with a β prior. Thus our results can be interpreted as a justification for the use of Bayesian inference with a β prior.
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References
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Laslier, JF. Estimation of a Bernouilli parameter: A normative approach to replace the Bayesian one. Theor Decis 26, 253–262 (1989). https://doi.org/10.1007/BF00134108
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DOI: https://doi.org/10.1007/BF00134108