We present an algorithm for the analytic continuation of imaginary-time
quantum Monte Carlo data which is strictly based on principles of Bayesian
statistical inference. Within this framework we are able to obtain an explicit
expression for the calculation of a weighted average over possible energy
spectra, which can be evaluated by standard Monte Carlo simulations, yielding
as by-product also the distribution function as function of the regularization
parameter. Our algorithm thus avoids the usual ad-hoc assumptions introduced in
similar algortihms to fix the regularization parameter. We apply the algorithm
to imaginary-time quantum Monte Carlo data and compare the resulting energy
spectra with those from a standard maximum entropy calculation