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 ...

Although classical statistical methods are inapplicable in point estimation problems involving nonidentifiable parameters, a Bayesian analysis using proper priors can produce a closed form, ...

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 ...