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Tetronian comments on [SEQ RERUN] Occam's Razor - Less Wrong Discussion
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I really wish there were a post that was more advanced than this one but more intuitive than Shane Legg's explanation. This post doesn't really convey a full technichal understanding of how to actually apply Solomonoff Induction or MML, and Legg's version just shows a succinct derivation.
Perhaps the following review article can be of some help here: A Philosophical Treatise of Universal Induction