Routledge Dictionary of Economics, Second Edition
Bayes, Thomas, 1702–61 (B3)
Born in London.
A Presbyterian minister in Holborn, London and Tunbridge Wells, Kent; admitted to the Royal Society in 1742. He used an inductive approach to establish a mathematical basis for probability in his posthumous ‘Essay towards Solving a Problem in the Doctrine of Chances’, Transactions of the Royal Society of London (1763). This inspired an approach to the calculation of probabilities and the foundation of a new branch of ECONOMETRICS.
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