As I've discussed here on occasion, I like to standardize continuous regression inputs by dividing by two standard deviations. That way the rescaled variables each have sd of 1/2, which is approximately the same sd as any binary predictor, allowing the coefficients to be interpreted together.
Standardizing is often thought of as a stupid sort of low-rent statistical technique, beneath the attention of "real" statisticians and econometricians, but I actually like it, and I think this 2 sd thing is pretty cool.
As Aleks pointed out, however, standardizing based on the data is not strictly Bayesian, because the interpretation of the model parameters then depends on the sample data. As we discussed, a more fully Bayesian approach would be to think of the scale for standardization as an unknown parameter to itself be estimated from the data.
P.S. Recall that "inputs" are not the same as "predictors."
P.P.S. I scale by 2 sd to be consistent with 0/1 predictors. In retrospect, I wish I'd scaled by 1 sd and then coded binary predictors as -1 and 1 to be consistent. This would've been simpler overall. But I think it's too late now.
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