SIMBAD references

Retrieval of exoplanetary atmospheric properties from their transmission spectra commonly assumes that the errors in the data are Gaussian and independent. However, non-Gaussian noise can occur due to instrumental or stellar systematics and the merging of discrete data sets. We investigate the effect of correlated noise and constrain the potential biases incurred in the retrieved posteriors. We simulate multiple noise instances of synthetic data and perform retrievals to obtain statistics of the goodness of retrieval for varying noise models. We find that correlated noise allows for overfitting the spectrum, thereby yielding a better goodness of fit on average but degrading the overall accuracy of retrievals. In particular, correlated noise can manifest as an apparent non-Rayleigh slope in the optical range, leading to an incorrect estimate of cloud/haze parameters. We also find that higher precision causes correlated results to be further off from the input values in terms of estimated errors. Finally, we show that while correlated noise cannot be reliably distinguished with Hubble Space Telescope observations, inferring its presence and strength may be possible with James Webb Space Telescope observations. As such, we emphasize that caution must be taken in analyzing retrieved posteriors and that estimated parameter uncertainties are best understood as lower limits.