The model assumes that the data in x
(i.e., \(x_1, ..., x_K\)) are the observations of \(K\) independent
binomial experiments, based on \(n_1, ..., n_K\) observations. Hence, the underlying likelihood is the product of the
\(k = 1, ..., K\) individual binomial functions:
$$(x_1, ... x_K) ~ \prod Binomial(N_k, \theta_k)$$
Furthermore, the model assigns a beta distribution as prior to each model parameter
(i.e., underlying binomial proportions). That is:
$$\theta_k ~ Beta(\alpha_k, \beta_k)$$