I am trying to specify prior values for constant and slope parameters in Bayesian regression. If I choose igamma distribution with shape =1 and scale 0.5 , I specify -1.32 for initial constant parameter and 0 for initial slope parameter; in order to generate posterior distribution, how can I specify g (prior precision parameter) ? There was no option to do this . I am trying to fit a logit transformation model of consumption to savings ratio on Log of disposable income. The slope parameter should be negative to show a departure from the proportionality of consumption to income (Friedman hypothesis)
-
Login or Register
- Log in with
Comment