It is well known that standard frequentist inference breaks down in IV regressions with weak instruments. Bayesian inference with diffuse priors suffers from the same problem. We show that the issue ...

Articulate the primary interpretations of probability theory and the role these interpretations play in Bayesian inference Use Bayesian inference to solve real-world statistics and data science ...

Operational risk is an important quantitative topic as a result of the Basel II regulatory requirements. Operational risk models need to incorporate internal and external loss data observations in ...