Hyperparameters


In Bayesian inference, we can include uncertainty about one or more of the parameters defining the prior or likelihood function. Such uncertain parameters are called hyperparameters. The extra uncertainty introduced to the analysis through hyperparameters is integrated into the posterior distribution. The integration can be difficult for algebraic Bayesian analysis, but is very simple with Monte Carlo simulation, as explained in the turbine blade example

See Also

 

ModelRisk

Monte Carlo simulation in Excel. Learn more

Spreadsheet risk analysis modeling

Tamara

Adding risk and uncertainty to your project schedule. Learn more

Project risk analysis

Navigation

Enterprise Risk Management software (ERM)

Learn more about our enterprise risk analysis management software tool, Pelican

Enterprise risk management software introduction

FREE MONTE CARLO SIMULATION SOFTWARE

For Microsoft Excel

Download your free copy of ModelRisk Basic today. Professional quality risk modeling software and no catches

Download ModelRisk Basic now

FREE PROJECT RISK SOFTWARE

For Primavera & Microsoft Project

Download your free copy of Tamara Basic today. Professional quality project risk software and no catches.

Download Tamara Basic now