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Methods for Eliciting Informative Prior Distributions : A Critical Review

Eliciting informative prior distributions for Bayesian inference can often be complex and challenging. Although popular methods rely on asking experts probability-based questions to quantify uncertainty, these methods are not without their drawbacks, and many alternative elicitation methods exist. This paper explores methods for eliciting informative priors categorized by type and briefly discusses their strengths and limitations. Most of the review literature in this field focuses on a particular type of elicitation approach. The primary aim of this work, however, is to provide a more complete yet macro view of the state of the art by highlighting new (and old) approaches in one clear easy-to-read article. Two representative applications are used throughout to explore the suitability, or lack thereof, of the existing methods, one of which highlights a challenge that has not been addressed in the literature yet. We identify some of the gaps in the present work and discuss directions for future research.

Ketersediaan

Informasi Detail

Judul Seri

DECISION ANALYSIS; Vol.19 No.3 September 2022

No. Panggil

-

Penerbit

: .,

Deskripsi Fisik

p. 189-204

Bahasa

English

ISBN/ISSN

-

Klasifikasi

NONE

Tipe Isi

-

Tipe Media

-

Tipe Pembawa

-

Edisi

-

Subjek

BAYESIAN INFERENCE
UNCERTAINTY
PRIOR ELICITATION
PRIOR DISTRIBUTION
INFORMATIVE PRIORS

Info Detail Spesifik

https://doi.org/10.1287/deca.2022.0451

Pernyataan Tanggungjawab

Julia R. Falconer, Eibe Frank, Devon L. L. Polaschek, Chaitanya Joshi

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