Abstract
The determination of low-energy constants from data is an important component of most effective field theory programs, including that of chiral perturbation theory. We propose a novel method based on Bayesian probability theory which allows us to address several shortcomings of the standard approach to parameter extraction. Using a toy-model we argue that the Bayesian approach is ideally suited for the application in effective field theories. We also discuss the application to lattice QCD data.
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