Re: Benefit of Bayesian estimation?

Luna Moon wrote:
> Hi all,
> 
> If my model can be estimated using Maximum Likelihood estimation
> (although the likelihood function is quite complicated where only
> numerical evaluations are possible), are there still benefit of
> turning to Bayesian estimation?
> 
1. The ability to add in prior information.
2. Estimation of uncertainty is part of the process, so you don't need 
to use any extra tools to do that.
3. The Angels will rejoice as someone else follows The Way.

Bob

-- 
Bob O'Hara

Dept. of Mathematics and Statistics
P.O. Box 68 (Gustaf Hällströmin katu 2b)
FIN-00014 University of Helsinki
Finland

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