Real-time Bayesian parameter estimation for item response models

Bayesian item response models have been used in modeling educational testing and Internet ratings data. Typically, the statistical analysis is carried out using Markov Chain Monte Carlo methods. However, these may not be computationally feasible when real-time data continuously arrive and online parameter estimation is needed. We develop an efficient algorithm based on a deterministic moment-matching method to adjust the parameters in real-time. The proposed online algorithm works well for two real datasets, achieving good accuracy but with considerably less computational time.