Priors

Gist

What is your best guesstimate of the parameter? Appears in the Bayes formula.

Which priors to pick?

There really is no prior knowledge

1. Uniform Distribution priors are used for uninformative priors. However, it can be an illusion of being truly uninformative.
   - I think there are Bayesian practioners who don’t look kindly on uniform distribution

Parameter’s range is from 0 to 1

1. Beta Distribution

Parameter’s range must be positive and right-skewed

2. Gamma Distribution

Random effect in mixed-effect model.

1. Exponential Distribution

Conjugate priors

Conjugate Prior are prior probability distributions, when combined with a specific likehood function, produces a posterior distribution of the same probability distribution as the prior.