Some guidance for the choice of priors for Bayesian structural models in economic experiments
Abstract Bayesian estimates from experimental data can be influenced by highly diffuse or “uninformative” priors. This paper gives examples of how diffuse priors can affect estimates, and discusses how practitioners can use their expertise to critique and select a prior. 1
Authors
- James R. Bland (ORCID: https://orcid.org/0000-0002-7117-9998)
Institutions
- University of Toledo (US)
Publication Details
- Journal
- Journal of the Economic Science Association
- Published
- 2025-01-01
- DOI
- https://doi.org/10.1017/esa.2025.6
- Citations
- 1
- Primary Topic
- Decision-Making and Behavioral Economics
- Type
- article
- Field-Weighted Citation Impact
- 2.27