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You are the CEO of a sports performance forecasting company. You have decided to adopt a Bayesian approach to data analysis and modelling. When you announce this new policy, your staff are unhappy and unconvinced, as they are used to a NHST approach. You stress that the Bayesian approach has several key advantages, including which of the following.
Tax Subsidy
A government benefit that effectively reduces the tax that a business or individual owes.
Excise Tax
A tax imposed on specific goods, services, or transactions, typically including alcohol, tobacco, and fuel, aimed at raising government revenue or affecting consumption patterns.
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The amount of money exchanged for a good or service in a transaction.
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Individuals or entities that use goods and services generated within the economy.
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