Answer by Vasilis Vasileiou for conjugate prior: is ever the best choice?
As you said, conjugate priors make things easier and an additional nice property is that when you refresh the model using the posterior as the new prior things are nice and consistent. For instance you...
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How do you define optimal? Typically, the conjugate priors won't be the best choice, but they may be reasonable choices. Typically conjugate priors are chosen for computational efficiency. Jeffrey's...
View Articleconjugate prior: is ever the best choice?
I'm reading about the conjugate prior of classic probability distributions (e.g. beta distribution for binomial distribution); it's explained just as "algebric trick" to have easier calculation in...
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