The beta dist is conjugate to the binomial, it is a natural prior for the proportion parameter. The mean of a bunch of 0s and 1s will be between [0,1], the support of the beta dist.
The beta dist is conjugate to the binomial, it is a natural prior for the proportion parameter. The mean of a bunch of 0s and 1s will be between [0,1], the support of the beta dist.