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Some guidance for the choice of priors for Bayesian structural models in economic experiments

James R. Bland

Journal of Economic Science Association2025https://doi.org/10.1017/esa.2025.6article
AJG 1ABDC A
Weight
0.37

Abstract

Bayesian estimates from experimental data can be influenced by highly diffuse or “uninformative” priors. This paper gives examples of how diffuse priors can affect estimates, and discusses how practitioners can use their expertise to critique and select a prior. 1

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https://doi.org/https://doi.org/10.1017/esa.2025.6

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@article{james2025,
  title        = {{Some guidance for the choice of priors for Bayesian structural models in economic experiments}},
  author       = {James R. Bland},
  journal      = {Journal of Economic Science Association},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1017/esa.2025.6},
}

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Some guidance for the choice of priors for Bayesian structural models in economic experiments

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Evidence weight

0.37

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.16 × 0.4 = 0.06
M · momentum0.53 × 0.15 = 0.08
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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