base e - mathematician's base
What's the specific benefit of base e for log-odds, though? Base e has lots of special properties that make it useful in many areas of mathematics (e^x is its own derivative, de Moivre's formula, &c.), but is this one of them? (It could be; I don't know.)
To quote Jaynes, p.91 of PT:TLoS:
...In many applications it is convenient to take the logarithm of the odds because of the fact that we can then add up terms. Now we could take the logarithm to any base we please, and this cost the writer some trouble. Our analytic expressions always look neater in terms of natural (base e) logarithms. But back in the 1940s and 1950s when this theory was first developed, we used base 10 logarithms because they were easier to find numerically; the four-figure tables would fit on a single page. Finding a natural logarithm was
(I wrote this post for my own blog, and given the warm reception, I figured it would also be suitable for the LW audience. It contains some nicely formatted equations/tables in LaTeX, hence I've left it as a dropbox download.)
Logarithmic probabilities have appeared previously on LW here, here, and sporadically in the comments. The first is a link to a Eliezer post which covers essentially the same material. I believe this is a better introduction/description/guide to logarithmic probabilities than anything else that's appeared on LW thus far.
Introduction:
Our conventional way of expressing probabilities has always frustrated me. For example, it is very easy to say nonsensical statements like, “110% chance of working”. Or, it is not obvious that the difference between 50% and 50.01% is trivial compared to the difference between 99.98% and 99.99%. It also fails to accommodate the math correctly when we want to say things like, “five times more likely”, because 50% * 5 overflows 100%.
Jacob and I have (re)discovered a mapping from probabilities to log- odds which addresses all of these issues. To boot, it accommodates Bayes’ theorem beautifully. For something so simple and fundamental, it certainly took a great deal of google searching/wikipedia surfing to discover that they are actually called “log-odds”, and that they were “discovered” in 1944, instead of the 1600s. Also, nobody seems to use log-odds, even though they are conceptually powerful. Thus, this primer serves to explain why we need log-odds, what they are, how to use them, and when to use them.
Article is here (Updated 11/30 to use base 10)