BAYESIAN INFERENCE AND DECISION THEORY Q1 (i) Briefly describe the rationale of the Bayesian approach (4 Marks) (ii) Define the following terms as used in Bayesian Inference a) Prior probability distribution (3mks) b) Posterior probability distribution (3mks) (iii) Let y be a variable that has a Binomial distribution B(0, n), where 0 has U (0, 1) distribution. Using a prior distribution g (0) =1, 0 <0 (5mks)