In this post, I am going to talk about Beta Distribution and some intuitive interpretations behind it.
Suppose we have two coins (A and B), and we are making a statistical experiment to identify whether these coins are biased or not. For coin A, we tossed 5 times and the results are: 1,0,0,0,0. (1 indicates Head and 0 indicates Tail). For coin B, we tossed 10 times and the results are: 1,1,0,0,0,0,0,0,0,0. The probability for theses two coins to be Tail are identical: 0.2. Is it safe to say, both coins equally favour the Tail?