Experimentation, Bayesian Statistics, Engineering, Data Science, Ab Testing.
We assume a beta prior for the conversion probability θ ∈ [0, 1] θ ∼ Beta(α₁, β₁) and a gamma prior for the rate parameter 𝜆 ∈ (0, ∞) 𝜆 ∼ 𝐺𝑎𝑚𝑚𝑎(α₂, β₂) The beta distribution is the conjugate prior to the Bernoulli distribution, and the gamma distribution is a conjugate prior to the exponential