I have a question about Setting Parameters to their posterior mode after estimation. I estimated the model and now want to proceed to quantitative exercises. What is the correct way to proceed? First I just manually copied the values from estimaton and pasted them into the code. Is there a better way to do this?
And I’m also not quite sure what I should rather use - posterior mean or mode. Many papers write that they set Parameters to the posterior mode. In my case both statistics are quite Close and do not Change the implications of the model. What should be my argumenatation if I, for example, decide to use posterior mode?
Thanks in advance and best regards!