Hello everyone

I am trying to estimate a model, I know that the construction of the prior distribution must be done without taking into account the data, however, when I estimate my model, my estimated calvo parameter (\theta) is 0.9870, which implies that prices are updated every 73 quarters, which does not seem economically plausible. The prior I specified was a mean of 0.5 with a standard deviation of 0.05. In that case, is it possible or acceptable to modify the prior to obtain plausible values for \theta ? If I modify the standard deviation to 0.035 I get more acceptable values, but at the end, that is using the data to construct the priors

Greetings