From the course: Statistics Foundations 2: Probability
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Bayes theorem - Microsoft Excel Tutorial
From the course: Statistics Foundations 2: Probability
Bayes theorem
- Millionaires. Who are they, and how did they get their money? There's all sorts of data on this topic, but let's say you were given this set of data. Here's the amount of education millionaires in a certain country achieved. 20% had graduate degrees, 60% undergraduate degrees. 15% had only a high school diploma. And 5% did not even complete high school. Suppose for this same country, we also know how many inherited their wealth versus earning it. Here's the data. 40% of millionaires that are high school dropouts inherited their wealth. 20% of millionaires that had either a high school diploma or an undergraduate degree inherited their wealth. And only 15% of millionaires with graduate degrees inherited their wealth. What's the probability that a millionaire did not complete high school given that they earned their wealth? Well, let's set up a tree. Our first set of branches establishes the level of education.…
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