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Lecture+6+Bayesian+Statistics+III

Lecture+6+Bayesian+Statistics+III - ECON 123A Fall 2011...

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ECON 123A, Fall 2011, Lecture 6 Dale J. Poirier 6-1 (5.1) 5 Interval Estimation From the Bayesian standpoint, given a region ÷ d 1 and the data y, it is meaningful to ask what is the probability that 2 lies in ÷ ? The answer is direct: where " (0 < " < 1) is defined implicitly in (5.1). C ÷ is known as a 1 - " Bayesian credible region . C There is no need to introduce the additional frequentist concept of “confidence.”
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