Question: Refertothementalimpairmentexamplein Sections 6.4.2 and 6.6.2. (a) Theexamplein Section 6.6.2 used highlydispersepriors.Letscompareresultstoin- formativepriorsbasedonsubjectivebeliefsthat 1 and 2 are notvarylarge.With the MCMCregress function in R, wecanspecifydifferentpriorvariancesfortheseeffects than fortheinterceptparameterbyspecifyingacovariancematrixoftheparameters.

Refertothementalimpairmentexamplein Sections 6.4.2 and 6.6.2.

(a) Theexamplein Section 6.6.2 used highlydispersepriors.Let’scompareresultstoin-

formativepriorsbasedonsubjectivebeliefsthat β1 and β2 are notvarylarge.With the MCMCregress function in R, wecanspecifydifferentpriorvariancesfortheseeffects than fortheinterceptparameterbyspecifyingacovariancematrixoftheparameters.

Forinstance,totakepriorstandarddeviation τ =

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