“Bayesian estimates from experimental data can be influenced by highly diffuse or “uninformative” priors. This paper discusses how practitioners can use their own expertise to critique and select a prior that (i) incorporates our knowledge as experts in the field, and (ii) achieves favorable sampling properties. I demonstrate these techniques using data from eleven experiments of decision-making under risk, and discuss some implications of the findings.”
Bayesian Model Selection and Prior Calibration for Structural Models in Economic Experiments: Some Guidance for the Practitioner
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