Economics homework help. (a) Draw a directed acyclic graph (DAG) appropriate for this model. (Use the notationintroduced in lecture, including plates.)(b) Using the template prob2template.txt provided on the Compass course web site, forman OpenBUGS model statement (corresponding to your graph). Also, set up statementsappropriate for loading the data into OpenBUGS. [ Remember: OpenBUGS dnormuses precisions, not variances! ]1From Burr, et al. (2003), Statistics in Medicine, 22: 17411760.(c) Perform a preliminary run of your model using OpenBUGS, to check for convergence ofyour sampler. Use three chains, separately initialized. Include the lists of the initialvalues you used. Show the plots you used to monitor convergence. Determine how manyiterations to burn (i.e. exclude from inference).(d) Perform at least 100000 iterations (after burn-in), and produce a summary of yourinference results, for both ?0 and ?20. Be sure to include estimates of the posteriorexpected value and standard deviation, the Monte Carlo error, a 95% posterior credibleinterval, and graphical estimates of the densities.Attachment 1Attachment 2
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