Lecture+6+Highlights

Lecture+6+Highlights - ECON 123A Fall 2011 Lecture 6a 6a-1...

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ECON 123A, Fall 2011, Lecture 6a Dale J. Poirier 6a-1 (5.1) Interval Estimation From the Bayesian standpoint, given a region ÷ d 1 and data y, it is meaningful to ask what is the probability that 2 lies in ÷ ? The answer is 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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