Fig. 1.

Normal gamma prior with a variance of 1 for different values of ${\mathit{\nu }}_1$, ${\mathit{\nu }}_1=0.5$ (black dot-dashed line), ${\mathit{\nu }}_1=1$ (red dotted line), ${\mathit{\nu }}_1=2$ (blue long-dashed line), and the standard normal density (green solid line), at zero (left-hand side) and the tails (right-hand side). (Color figure online)