pi,t = logit−1(α0 + α1mi + rt ) rt ∼ N(0, σ) α0 ∼ N(0, 1) α1 ∼ N(1, 1) σ ∼ N+(1) zi,1 ∼ Bernoulli(φi,1) zi,t ∼ Bernoulli zi,t−1πi,t + t x=1 (1 − zi,x )φi,t φi,t = logit−1(aφ t,j[i] + bφ 1 mi + bφ 2 m2 i ) πi,t = logit−1(aπ t,j[i] + bπ 1 mi + bπ 2 m2 i ) aφ ∼ MVN(Uγφ, Σφ) aπ ∼ MVN(Uγπ, Σπ) Σφ = diag(τφ)Ωφdiag(τφ) Σπ = diag(τπ)Ωπdiag(τπ) ρ ∼ U(0, 1) bφ 1 ∼ N(0, 1) bπ 1 ∼ N(0, 1) bφ 2 ∼ N(−1, 1) bπ 2 ∼ N(−1, 1) γφ ∼ N(0, 1) γπ ∼ N(0, 1) τφ ∼ N+(1) τπ ∼ N+(1) Ωφ ∼ LKJ(2) Ωπ ∼ LKJ(2).