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What is the difference between a credible interval and a confidence interval?

April 26, 2017confidence credible difference interval

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What is the difference between a credible interval and a confidence interval?

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A credible interval for the percentage of the adult population in a county or state lacking Basic Prose Literacy Skills (BPLS) defines the interval for which there is a specified probability (often chosen to be 95 percent) that the true value of the percentage lacking BPLS is within this interval, given initial assumptions of what the value of this percentage may be and information provided in the data. A confidence interval uses information to describe the range of values for which the true value of percentage of the population lacking BPLS could come, given the estimate calculated from the available data. In the context of hypothesis testing, a 95 percent confidence interval for an estimate of the percentage of the population lacking BPLS indicates the range of values for which the hypothesis equaled the value would be accepted with 95 percent confidence.