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| Author: | Young, K. Pettit, L. |
| Title: | On priors and Bayes factors |
| Journal: | Journal of Econometrics
1996 : NOV, VOL. 75;1, p. 113-120 |
| Index terms: | ECONOMETRICS ECONOMICS RESEARCH |
| Language: | eng |
| Abstract: | By analogy to the authors' measure of the influence of observations on Bayes factors, a new measure is proposed to determine the influence of a prior distribution on a Bayes factor. This is developed for linear models. The method is illustrated for a consumption model using Houthakker's international income and consumption data. In this paper the ideas concerning the effect on the Bayes factor of "omitting" a proper prior and using instead a noninformative, usually improper , prior are discussed. |
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