ike comments on How do you learn Solomonoff Induction? - Less Wrong Discussion
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https://wiki.lesswrong.com/wiki/Solomonoff_induction http://lesswrong.com/lw/dhg/an_intuitive_explanation_of_solomonoff_induction/ should get you started.
Also Yudkowsky's article on Occam's Razor describes the Occam's razor/ simplicity prior OP was interested in.