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Persistent link: https://www.econbiz.de/10012391221
Bayesian estimates from experimental data can be influenced by highly diffuse or "uninformative" priors. This paper discusses how practitioners can use their own expertise to critique and select a prior that (i) incorporates our knowledge as experts in the field, and (ii) achieves favorable...
Persistent link: https://www.econbiz.de/10014255887