Where Do Priors Come From? Applying Guidelines to Construct Informative Priors in Small Sample Research
Where Do Priors Come From? Applying Guidelines to Construct Informative Priors in Small Sample Research
This article demonstrates the usefulness of Bayesian estimation with small samples. In Bayesian estimation, prior information can be included, which increases the precision of the posterior distribution. The posterior distribution reflects likely parameter values given the current state of knowledge. An issue that has received little attention, however, is the …