On the Relevance of the Bayesian Approach to Statistics

Christian P. Robert
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Christian P. Robert: Universite Paris-Dauphine, CEREMADE, and CREST

Review of Economic Analysis, 2010, vol. 2, issue 2, 139-152

Abstract: In this essay, I argue about the relevance and the ultimate unity of the Bayesian approach in a neutral and agnostic manner. My main theme is that Bayesian data analysis is an effective tool for handling complex models, as proven by the increasing proportion of Bayesian studies in the applied sciences. I thus disregard the philosophical debates on the meaning of probability and on the random nature of parameters as things of the past that ultimately do a disservice to the approach and are irrelevant to most bystanders.

Keywords: Bayesian inference; Bayes model choice; foundations; testing; non-informative prior; Bayes factor; computational statistics (search for similar items in EconPapers)
JEL-codes: C11 C12 C13 C15 C44 C51 C52 C63 (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (2)

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