Definitions for base rate
base rate

Princeton's WordNetRate this definition:0.0 / 0 votes

1. base ratenoun

   the interest rate set by the Bank of England for lending to other banks

WikipediaRate this definition:0.0 / 0 votes

1. Base rate

   In probability and statistics, the base rate (also known as prior probabilities) is the class of probabilities unconditional on "featural evidence" (likelihoods). For example, if 1% of the population were medical professionals, and remaining 99% were not medical professionals, then the base rate of medical professionals is 1%. The method for integrating base rates and featural evidence is given by Bayes' rule. In the sciences, including medicine, the base rate is critical for comparison. In medicine a treatment's effectiveness is clear when the base rate is available. For example, if the control group, using no treatment at all, had their own base rate of 1/20 recoveries within 1 day (meaning 1 out of every 20 people recover in 1 day) and a treatment had a 1/100 base rate of recovery within 1 day, we see that the treatment actively decreases the recovery in the first day for the winter cold.

ChatGPTRate this definition:0.0 / 0 votes

1. base rate

   A base rate is a fundamental or minimum rate of interest set and used as a benchmark by financial institutions to determine the interest rates on various types of loans and financial products. The base rate varies between countries and is typically set by the country’s central bank. Changes in the base rate can affect the interest rates on mortgages, loans, savings accounts, and other financial products. It's often used as a tool to control inflation, spending, and economic growth.

WikidataRate this definition:0.0 / 0 votes

1. Base rate

   In probability and statistics, base rate generally refers to the class probabilities unconditioned on featural evidence, frequently also known as prior probabilities. In plainer words, if it were the case that 1% of the public were "medical professionals", and 99% of the public were not "medical professionals", then the base rate of medical professionals is simply 1%. In science, particularly medicine, the base rate is critical for comparison. It may at first seem impressive that 1000 people beat their winter cold while using 'Treatment X', until we look at the entire 'Treatment X' population and find that the base rate of success is actually only 1/100. The treatment's effectiveness is clearer when such base rate information is available. Note that controls may likewise offer further information for comparison; maybe the control groups, who were using no treatment at all, had their own base rate success of 5/100. Controls thus indicate that 'Treatment X' actually makes things worse, despite that initial proud claim about 1000 people.

Matched Categories

1. • Interest Rate

How to pronounce base rate?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say base rate in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of base rate in Chaldean Numerology is: 5

2. Pythagorean Numerology

   The numerical value of base rate in Pythagorean Numerology is: 8

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=base rate
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Base_Rate
3. ^ ChatGPT
   https://chat.openai.com
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=base rate