Calculation
Calculating the Bayesian average uses the prior mean m and a constant C. C is assigned a value that is proportional to the typical data set size. The value is larger when the expected variation between data sets (within the larger population) is small. It is smaller, when the data sets are expected to vary substantially from one another.
In cases where the averages' relative values are the only result of importance, m can be replaced with zero. C can be calculated based on the priors regarding variance between data sets. In circumstances where that kind of rigor is desired, other more expressive measures of statistical power are likely to be used. As a result, C is usually assigned a value in an ad-hoc manner.
Read more about this topic: Bayesian Average
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