Bayesian estimates of coefficients and estimates of error variance summary

Figure 1. Output tables with Bayesian estimates of coefficients and estimates of error variance
Output tables with Bayesian estimates of coefficients and estimates of error variance

The output tables display the placement of reference priors on the regression parameters. The estimated posterior mean of the regression parameter is 4020.343 and 12.071 for educational level and previous experience, respectively. Given the observed data, the credible intervals (3606.414, 4434.273) and (.654, 23.489) give the area with a 95% Bayesian coverage for the parameters.

The two posterior distribution plots illustrate information about the parameters of interest given the observed data. The output also computes the posterior statistics for the variance of the regression error terms.

Figure 2. Posterior distribution plots for education level
Posterior distribution plots for education level
Figure 3. Posterior distribution plots for previous experience
Posterior distribution plots for previous experience