Explain 'Bayes' Factor'.

Explain 'Bayes' Factor'.

Approach: Relate the likelihood ratio of two competing hypotheses.

A ratio of the likelihood of the observed data under two different hypotheses. It is the Bayesian alternative to the classical p-value for hypothesis testing.

Follow-up: What does a Bayes Factor of 10 imply?

Key concepts: evidence, posterior odds, model selection.