Epstein, Larry G.; Seo, Kyoungwon - Department of Economics, Boston University - 2008
The de Finetti Theorem is a cornerstone of the Bayesian approach. Bernardo [4, p. 5] writes that its "message is very clear: if a sequence of observations is judged to be exchangeable, then any subset of them must be regarded as a random sample from some model, and there exists a prior...