ABSTRACT
Bayesian estimators are a weighted average among prior opinion and data-driven estimators. ey enable researchers to use all the information available, providing a distinct benet, since well-informed researchers generally estimate better models when they incorporate their knowledge. Researchers that have less experience, however, will benet by using a noninformative prior. In such cases, a state of vague knowledge can also be used to get Bayesian estimators. Oen those estimators will not dier much from the estimators given in the previous chapters.
