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Bayesian Elicitation Diagnostics

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Author Info

  • Edward E. Leamer

    (UCLA)

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. Copyright 1992 by The Econometric Society.

(This abstract was borrowed from another version of this item.)

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Bibliographic Info

Paper provided by UCLA Department of Economics in its series UCLA Economics Working Papers with number 555.

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Date of creation: 01 Apr 1989
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Handle: RePEc:cla:uclawp:555

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Web page: http://www.econ.ucla.edu/

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Cited by:
  1. Iwata, Shigeru, 1996. "Bounding posterior means by model criticism," Journal of Econometrics, Elsevier, vol. 75(2), pages 239-261, December.

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