Strachan, Rodney; Dijk, Herman K. van - Department of Economics, Leicester University - 2005
model comparison.
Key Words: Improper prior; Bayes factor; marginal likelihood; shrinkage prior;
measure.
1
JEL Codes: C11 …(θ)h(θ)/p
where p =
R
Θ
L(θ)h(θ)dθ. Even if we use an improper prior such as with h(θ)=1
and λ(Θ)=∞ such that c = ∞ , the posterior is … distributions
commonly used for priors e.g., Normal, Wishart, Inverted Wishart.
If, however, we use an improper prior of the form h …
