Use domain knowledge to review prior distributions
At the Insurance Data Science conference, both Eric Novik and Paul-Christian Bürkner emphasised in their talks the value of thinking about the data generating process when building Bayesian statistical models. It is also a key step in Michael Betancourt’s Principled Bayesian Workflow.
In this post, I will discuss in more detail how to set priors, and review the prior and posterior parameter distributions, but also the prior predictive distributions with brms (Bürkner (2017)).
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