## Too Long; Didn't Read

Beta distribution is a family of continuous probability distributions defined on the interval [0, 1] parametrized by two positive shape parameters, denoted by α and β, that appear as exponents of the random variable and control the shape of the distribution. We use Beta distribution to model the simplest form of the multi-armed bandit problem, which is the binary outcome/reward. In the casino example, each machine will pay a reward of $1 when the outcome is success, and $0 when it is fail. Our goal is to identify the machine with the highest probability of success.