On the effect of HB covariance matrix prior settings. A simulation study

Hein M., Kurz P., Steiner W., 2019 – in Journal of Choice Modelling 31, 2019, 51–72.

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What is the impact of different prior settings on the covariance matrix in HB models?

The study shows that inadequate priors at least delay convergence of the estimates. Recommendations for optimal parameterization are provided.