Table 2.
a. Elicited Prior Mean Probabilities | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
c = 0.20 | c = 0.30 | c = 0.40 | c = 0.50 | |||||||
q = .10 | E{p0(c, q, θ)} | 0.10 | 0.15 | 0.15 | 0.25 | |||||
E{FE(½ | c, q, θ)} | 0.25 | 0.30 | 0.45 | 0.50 | ||||||
E{FE(1 | c, q, θ)} | 0.35 | 0.45 | 0.60 | 0.70 | ||||||
E{πT(0, c, q, θ)} | 0.02 | 0.03 | 0.03 | 0.03 | ||||||
E{πT(1, c, q, θ)} | 0.04 | 0.06 | 0.08 | 0.12 | ||||||
q = .20 | E{p0(c, q, θ)} | 0.15 | 0.20 | 0.25 | 0.30 | |||||
E{FE(½ | c, q, θ)} | 0.40 | 0.45 | 0.50 | 0.60 | ||||||
E{FE(1 | c, q, θ)} | 0.50 | 0.60 | 0.70 | 0.80 | ||||||
E{πT(0, c, q, θ)} | 0.02 | 0.03 | 0.03 | 0.03 | ||||||
E{πT(1, c, q, θ)} | 0.04 | 0.06 | 0.08 | 0.12 | ||||||
q = .10 or .20 | E{πT(.50, q, 1(YE > 1), θ)} = .15 | |||||||||
| ||||||||||
b. Prior Mean of the Log of Each Model Parameter | ||||||||||
α 0 | α 1 | α 2 | α 3 | α 4 | α 5 | β 0 | β 1 | β 2 | β 3 | β 4 |
−1.04 | −1.60 | −7.25 | −4.74 | −2.85 | 2.37 | −6.10 | −3.79 | −7.05 | −5.42 | −7.88 |