Econometrica Vol. 60 No. 4 1992
Bayesian Elicitation Diagnostics
Abstract
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.
- DOI
- 10.2307/2951572
- Volume
- 60
- Issue
- 4
- Pages
- 919
- Sources
- bibtex:phds-export.bib openalex crossref