Bayesian Analysis with Excel and R

4

Grid Approximation and the Beta Distribution

In This Chapter

More on Grid Approximation

Using the Results of the Beta Function

Tracking the Shape and Location of the Distribution

Inventorying the Necessary Functions

Moving from the Underlying Formulas to the Functions

Comparing Built-in Functions with Underlying Formulas

Understanding Conjugate Priors

Prior chapters have discussed, if just briefly, the method sometimes termed grid approximation and the numeric structures usually termed binomial and beta distributions. As useful as these tools and methods are, it’s hard to see how useful grid approximation can be in the absence of a binomial or beta distribution, or a binomial distribution in the absence of a grid approximation. I’ll try ...