Effective Sample Size
Autocorrelated draws carry less information than independent ones: ESS = N / (1 + 2*sum of autocorrelations), the number of independent samples your chain is worth. Monte Carlo standard error scales with 1/sqrt(ESS), not 1/sqrt(N).
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Autocorrelated draws carry less information than independent ones: ESS = N / (1 + 2*sum of autocorrelations), the number of independent samples your chain is worth. Monte Carlo standard error scales with 1/sqrt(ESS), not 1/sqrt(N).
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