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Hybrid elicitation and quantile-parametrized likelihood

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  • Perepolkin, Dmytro
  • Goodrich, Benjamin
  • Sahlin, Ullrika

Abstract

This paper extends the application of quantile-based Bayesian inference to probability distributions defined in terms of quantiles of observable quantities. Quantile-parameterized distributions are characterized by high shape flexibility and parameter interpretability, making them useful for eliciting information about observables. To encode uncertainty in the quantiles elicited from experts, we propose a Bayesian model based on the metalog distribution and a variant of the Dirichlet prior. We discuss the resulting hybrid expert elicitation protocol, which aims to characterize uncertainty in parameters by asking questions about observable quantities. We also compare and contrast this approach with parametric and predictive elicitation methods.

Suggested Citation

  • Perepolkin, Dmytro & Goodrich, Benjamin & Sahlin, Ullrika, 2021. "Hybrid elicitation and quantile-parametrized likelihood," OSF Preprints paby6_v1, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:paby6_v1
    DOI: 10.31219/osf.io/paby6_v1
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