On the relevance of the Bayesian approach to Statistics

Details On the relevance of the Bayesian approach to Statistics On the relevance of the Bayesian approach to Statistics

2009-09-29

arxiv.org/abs/0909.5369v3

Statistics

Methodology

This paper is written in conjunction with the 3rd Bayesian econometrics meeting that took place at the Rimini Centre for Econo

Scientific paper

We argue here about the relevance and the ultimate unity of the Bayesian approach in a neutral and agnostic manner. Our main theme is that Bayesian data analysis is an effective tool for handling complex models, as proven by the increasing proportion of Bayesian studies in the applied sciences. We disregard in this essay the philosophical debates on the deeper meaning of probability and on the random nature of parameters as things of the past that do a disservice to the approach and are incomprehensible to most bystanders.

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