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Methods for eliciting informative prior distributions: A critical review
Methods for eliciting informative prior distributions: A critical review
Abstract
Eliciting informative prior distributions for Bayesian inference can often be complex and challenging. Although popular methods rely on asking experts probability-based questions to quantify uncertainty, these methods are not without their drawbacks, and many alternative elicitation methods exist. This paper explores methods for eliciting informative priors categorized by type and briefly discusses their strengths and limitations. Most of the review literature in this field focuses on a particular type of elicitation approach. The primary aim of this work, however, is to provide a more complete yet macro view of the state of the art by highlighting new (and old) approaches in one clear easy-to-read article. Two representative applications are used throughout to explore the suitability, or lack thereof, of the existing methods, one of which highlights a challenge that has not been addressed in the literature yet. We identify some of the gaps in the present work and discuss directions for future research.
Type
Journal Article
Type of thesis
Series
Citation
Date
2022
Publisher
INFORMS
Degree
Supervisors
Rights
© 2022 INFORMS. This is the author's accepted version.