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On the Application of Bayesian Credibility Theory to Achieve more Accurate Movie Rankings


Affiliations
1 Department of Applied Mathematics, University of Calcutta, Kolkata, West Bengal, India
     

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Credibility theory is a branch of actuarial science devoted to quantify how unique a particular outcome will be when compared to an outcome deemed as typical.

In this paper, we will examine the application of the principles of Bayesian Credibility Theory in rating and ranking movies by a premier online movie database which is based on user's votes. Although the Bayesian credibility theory was developed originally as a method to calculate the risk premium by combining the individual risk experience with the class risk experience, it is generic enough to deal with a wide range of practical applications quite different from the classical application mentioned above. One such diverse application of the theory in an unlikely domain will be discussed in this paper.


Keywords

Credibility Theory, Prior Distribution, Likelihood Function, Posterior Distribution, Loss Function, Bayesian Approach.
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  • On the Application of Bayesian Credibility Theory to Achieve more Accurate Movie Rankings

Abstract Views: 291  |  PDF Views: 2

Authors

Palash Ranjan Das
Department of Applied Mathematics, University of Calcutta, Kolkata, West Bengal, India
Tripti Chakrabarti
Department of Applied Mathematics, University of Calcutta, Kolkata, West Bengal, India

Abstract


Credibility theory is a branch of actuarial science devoted to quantify how unique a particular outcome will be when compared to an outcome deemed as typical.

In this paper, we will examine the application of the principles of Bayesian Credibility Theory in rating and ranking movies by a premier online movie database which is based on user's votes. Although the Bayesian credibility theory was developed originally as a method to calculate the risk premium by combining the individual risk experience with the class risk experience, it is generic enough to deal with a wide range of practical applications quite different from the classical application mentioned above. One such diverse application of the theory in an unlikely domain will be discussed in this paper.


Keywords


Credibility Theory, Prior Distribution, Likelihood Function, Posterior Distribution, Loss Function, Bayesian Approach.