Say, $\psi | Y, {Y}^{*}, {\sigma}^{2}$~$N(\mu, {\Lambda}^{-1})$ this is a bivariate normal
Does the ${\Lambda}^{-1}$ actually mean precision or variance. I was told in some Bayesian papers, the second parameter actually means precision. I didn't think so, but maybe someone else has read more paper would know?
The paper I am reading www.jds-online.com/file_download/353/JDS-746.pdf