Power prior; power law process; historical data; propriety
Issue Date
2005-12
Publisher
한국통계학회
Citation
Journal of the Korean Statistical Society, v. 34, No. 4, Page. 331 - 344
Abstract
Inference on current data could be more reliable if there exist
similar data based on previous studies. Ibrahim and Chen (2000)
utilize these data to characterize the power prior. The power prior
is constructed by raising the likelihood function of the historical
data to the power $a_0,$ where $0\leq a_0 \leq 1$. The power prior
is a useful informative prior in Bayesian inference. However, for
model selection or model comparison problems, the propriety of the
power prior is one of the critical issues. In this paper, we suggest
two joint power priors for the power law process and show that they
are proper under some conditions. We demonstrate our results with a
real dataset and some simulated datasets.