Just moments ago, I asked this question because I've been reading Wagenmakers 2007. I now have a better understanding of what a unit information prior is and can push my knowledge further with two (by which I mean 3) questions:
- The unit information prior has been considered by some to be too conservative. Are there other criticisms unique to the unit information prior that are not covered by criticisms of "objective priors" as a family? And, does this prior compare favourably to similar "objective priors"?
- It was raised in the previous question that there is some discomfort using the BIC approximation. I would appreciate an elaboration as to why this may be.