Bayesian versus Classical Econometric Inference to Revisit the Role of Human Capital in Economic Growth

Table 3

Elicited estimates of hyperparameters.

Variable	Parameters	Mean	Variances	Precision
Intercept		-1.507285	0.01199484	83.369
Physical capital		0.84563	0.00242516	412.3424799
Education capital		0.0054685	0.0000088387	113138.4388
Health capital		0.1692637	0.003664927	2728.567
Trade openness		0.008812	0.0000009385	1065446.727
Physical capital		0.3404	0.017798575	11.62576
Physical capital		-0.3572369	0.086015857	56.18427
Education		14.205	14.2053	0.07041
Education		0.5432	0.014096718	70.9385
Health capital		0.676406	0.08278113	12.08005
Health capital		0.8844875	0.002643276	378.3184
Trade openness		0.0026187	0.0470118	2.127125
Trade openness		1.030388	0.000293129	3411.471