Is this a fair representation of frequentists versus bayesians? I feel like every time the topic comes up, 'Bayesian statistics' is an applause light for me, and I'm not sure why I'm supposed to be applauding.
Because the stupider the prediction is that somebody is making, the harder it is to get them to put their money where their mouth is. The Bayesian is hoping that $50 is a price the other guy is willing to pay to signal his affiliation with the other non-Bayesians.
http://xkcd.com/1132/
Is this a fair representation of frequentists versus bayesians? I feel like every time the topic comes up, 'Bayesian statistics' is an applause light for me, and I'm not sure why I'm supposed to be applauding.