Bayesian Elicitation Diagnostics.
One elicitation diagnostic identifies a family of prior distributions that are so diffuse that they are practically equivalent to the "completely" diffuse prior. Another elicitation diagnostic identifies a family of prior distributions that concentrate enough mass in the neighborhood of zero that they are practically equivalent to the dogmatic prior that sets a parameter exactly equal to zero. If either question thus posed can be answered in the affirmative then there is no need to go to the expense of a more accurate elicitation of the prior distribution. Copyright 1992 by The Econometric Society.
Year of publication: |
1992
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Authors: | Leamer, Edward E |
Published in: |
Econometrica. - Econometric Society. - Vol. 60.1992, 4, p. 919-42
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Publisher: |
Econometric Society |
Saved in:
Online Resource
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