Dear Researchers,
I have a single point for my parameter as a prior information and 26 data points as current data-set.
How can I incorporate that point(/single point prior value) while doing Bayesian Analysis.
(Initially, I use to run a model with non-informative prior without considering the old info as it wasn't valid).
In this particular case, I want to know, Is there any way to include this old evidence (single prior point)? If yes, How can I? Which way should I select and why?
Best Regards,
Abhay