I think about this point someone should link to [share likelihood ratios, not posterior beliefs](http://www.overcomingbias.com/2009/02/share-likelihood-ratio...)... the summary is that you can do your Bayesian analysis without specifying the prior and just report the resulting likelihood ratios, telling everyone, "Here are the likelihood ratios, update your beliefs appropriately." Though that may lack some practicality.

Also, this is true, but I think it doesn't disagree with my point.

I just dread the length of my Own Risk and Solvency Assessment (ORSA) after Solvency II (the regulations for insurance companies in Europe) takes hold next year, if I have to explain the origins of my priors.

I actually think we could do some fuck-awesome work in evaluating our risk capital requirements using priors on all of of our inputs, and the computational requirements would not be 'that' frightening, given the valuations are all Monte Carlo anyway. It's not happening, yet, though.