The article presents the main functions of aesthetic values (beauty, simplicity, symmetry) in the process of formulating, evaluating and accepting scientific theories in the work of physicist: 1) they motivate to undertake scientific research; (2) have a heuristic role which enables the direction of the search for a new theory to be selected; (3) are a criterion for choosing between empirically equivalent theories in the absence of empirical evidences and (4) sometimes constitute an epistemological obstacle. The basic thesis of the work is that aesthetic values, in addition to positive functions, also play a negative role in science, hindering the acceptance of new theories or leading to inefficient research. Too much weight on the aesthetic side of theory can pose a threat to the objectivity of scientific cognition.

The paper investigates Bayesian approach to estimate generalized true random-effects models (GTRE). The analysis shows that under suitably defined priors for transient and persistent inefficiency terms the posterior characteristics of such models are well approximated using simple Gibbs sampling. No model re-parameterization is required. The proposed modification not only allows us to make more reasonable (less informative) assumptions as regards prior transient and persistent inefficiency distribution but also appears to be more reliable in handling especially noisy datasets. Empirical application furthers the research into stochastic frontier analysis using GTRE models by examining the relationship between inefficiency terms in GTRE, true random-effects, generalized stochastic frontier and a standard stochastic frontier model.