“Those parameters” are b, kappa and mu for Assymetric Laplace and alpha and m for Pareto.
I’m asking about how to build these two models. Namely, I specify Assymetric Laplace and Pareto for the priors and want to understand how to specify the priors.
I have a dataset from which I can derive the parameters. If I was specifying my posterior to be a beta distribution, then I cold calculate the alpha and beta parameters from the mean and sigma of the data. Then I can use a library like Fitter to find the distribution that fits that data best and get the relevant parameters for that distribution. However, for the distributions I mention, I don’t understand how to calculate the parameters.
That link was intended to show that it’s easy to specify α and β in terms of μ and σ for the beta distribution.