Table 3: Posterior mean ( mean ), standard deviation ( std ) and inefficiency factor ( if ) of the FBQROR model parameters in Simulation Study 2. 25th quantile 50th quantile 75th quantile parameters mean std if mean std if mean std if β 1 1 . 60 0 . 36 2 . 87 2 . 83 0 . 37 3 . 21 4 . 50 0 . 44 4 . 00 β 2 − 6 . 50 0 . 57 3 . 37 − 6 . 39 0 . 61 3 . 98 − 6 . 15 0 . 64 3 . 47 β 3 3 . 69 0 . 52 3 . 01 3 . 59 0 . 54 3 . 36 3 . 44 0 . 58 3 . 24 σ 0 . 74 0 . 11 8 . 08 0 . 74 0 . 12 2 . 25 0 . 79 0 . 10 2 . 66 γ 0 . 09 0 . 15 4 . 75 − 0 . 49 0 . 09 4 . 37 − 1 . 33 0 . 17 2 . 47 δ 1 0 . 91 0 . 14 2 . 20 0 . 86 0 . 14 2 . 89 0 . 73 0 . 13 3 . 21 Table 3 reports the MCMC estimates obtained from 15,000 iterations after a burn-in of 5,000 iterations, wherein we have utilized identical prior distributions as in the first simu- lation study. The parameters ( σ, γ ) and δ are sampled using random-walk MH algorithm 51 (17.00%) observations in the four categories of y . Figure 3: Trace plots of the MCMC draws at the 50th quantile for Simulation Study 2. 16 0 5000 10000 15000 0 5 Trace of  1 0 5000 10000 15000 −10 −5 0 Trace of  2 0 5000 10000 15000 0 5 10 Trace of  3 0 5000 10000 15000 0 1 2 Trace of  0 5000 10000 15000 −1 −0.5 0 Trace of  0 5000 10000 15000 0 1 2 Trace of 