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Bayesian Hierarchical Models
A type of Bayesian model where parameters are estimated at multiple levels, allowing for more flexibility and the incorporation of complex structures in data.
Implications
Advanced statistical models used to analyze data with complex, multi-level structures, often applied in marketing, finance, and healthcare research.
Example
Example: A marketing team uses Bayesian hierarchical models to analyze consumer preferences across different demographics, accounting for variability at both the individual and group levels.
Related Terms
Different from flat models, which assume independence among data points, hierarchical models account for nested data structures, providing more nuanced insights.
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