Bayesian Elicitation Diagnostics

Edward Leamer

Econometrica, 1992, vol. 60, issue 4, 919-42

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.

Date: 1992
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Working Paper: Bayesian Elicitation Diagnostics (1989)
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