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Approximate Bayesian Computation

(shortcut method in Bayesian statistics)

Approximate Bayesian Computation (ABC) is a particular mathematical method that trades away complete accuracy of the inference for shorter computation. Bayesian statistics involves considerable computation, in some cases offering advantages to such a tradeoff. ABC is useful both for exploring models (dedicating resources to a quick evaluation of a larger number of models) and for handling inferences due to intractable models. ABC is one particular technique for carrying out such a "fast but imperfect" bayesian inference: it is not the only one but is perhaps a current favorite.

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