So, let’s say we have a random variable X over {0,1}^1. That means that X can take the value 0 or it can take the value 1. My question is, why isn’t this probability precisely 1/2 as it would be in the uniform distribution? In other words, why can’t we say anything about the probability distribution of X knowing that it can only take two values, and the value that it does take (either 0 or 1 in this case) is random?
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You are describing bernoulli distribution, which is also Binomial distribution with n=1.
For this distribution your parameter is usually
p– the probability of getting 1.The probability of getting 1 and 0 varies, and might not be the same.
If you have
p=1/2– it is a specific (very useful case) where the “experiment” is unbiased, and is often used for statistical tests – for testing if a certain data set is biased or not.