Prior Densities for the Regression Model
This chapter examines prior densities applicable for the regression model. It addresses the question of how to specify precisely the shape and the contents of the prior density in an empirical application and defines the concept of non-informative prior. It explains the restrictive properties of the natural conjugate prior in the regression model and discusses issues concerning the treatment of exact restrictions and exchangeable prior densities.
Keywords: prior densities, regression model, natural conjugate prior, exact restrictions
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