Evaluations of the beta probability integral by Bayes and Price (Q1205945): Difference between revisions

The purpose of the paper is to discuss the evaluation of the beta probability integral by Bayes and the improvements by R. Price published in 1764. The Bayes-Price approximation to the two-sided beta probability integral is obtained by approximating the skew beta density by a symmetric beta density times a factor tending to unity for \(n\to\infty\), the two functions having the same maximum and the same points of inflexion. This approximation is considerably better than the normal approximation, and the former approximation can also be used to derive the latter since the symmetric beta density converges to the normal density. It seems that Price's results have never been analysed in detail.