How to set priors over weights for adjusting the magnitudes of different likelihoods in a model

I dont know much about your application and your model, but from a quick read of the paper, seems the scaling \alpha is something between 0 and 1 (reminds me a lot about mixture model, but here they are different observed), I think you can put a Beta distribution as prior on it, and you need to decide the shape of the Beta distribution using some prior information you have.