Bayesian Analysis Skills - Create JAGS Data and Model - Engineering Assignment Help

Assignment Task :

In Assignment 2, you will be working on property prices in Melbourne by using Bayesian methods in two stages. 
You will work in a progressive way to conduct two Bayesian analyses for this problem. Prediction of property prices is an important problem and active research area as well. Data scientists are coming up with different approaches for the prediction of property prices in Australia using regression methods based on either statistical methods or deep/machine learning approaches. 
This assessment report aims at improving your Bayesian analysis skills in
• the specification of prior distributions,
• analysis of the suitability of results for prediction, 
• implementation of the Bayesian model using software, particularly R and JAGS,
• drawing Bayesian inferences from the outputs of Bayesian analyses and 
• presenting your analysis and communicating its results in a written format.

The following steps are given to help you to complete the tasks. Please follow the steps given below to build a Bayesian regression model to predict sale prices using the past sales information and expert knowledge:
1. Create a JAGS model diagram showing the multiple linear regression setting in this problem.
2. Specify the prior distributions reflecting the expert information for each predictor.
3. Create JAGS data and model blocks based on the model diagram and prior distributions at the previous steps.
4. Compile your model and create Markov chains using the compiled model.
5. Assess the appropriateness of the chains for each parameter using the MCMC diagnostics.
6. Display the posterior distribution of each parameter and draw inferences on Bayesian point and interval estimates.

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