THE VALUE OF PRIOR INFORMATION.
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WISCONSIN UNIV MADISON MATHEMATICS RESEARCH CENTER
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A natural question that arises in Bayesian statistics, is how inference might be affected by a change in the prior distribution, i.e., by the availability of more or less information on the parameters of the assumed model. A criterion for evaluating this is suggested and used to compare the value of prior information, when sampling is from the normal, negative binomial, poisson and exponential distributions. Author
- Statistics and Probability