  The power spectrum (PS) of mass density fluctuations, independent of
`biasing', is estimated from the Mark III catalog of peculiar velocities using
Bayesian statistics. A parametric model is assumed for the PS, and the free
parameters are determined by maximizing the probability of the model given the
data. The method has been tested using detailed mock catalogs. It has been
applied to generalized CDM models with and without COBE normalization.
  The robust result for all the models is a relatively high PS, with $P(k)
\Omega^{1.2} = (4.8 \pm 1.5) \times 10^3 (Mpc/h)^3$ at $k=0.1 h/Mpc$. An
extrapolation to smaller scales using the different CDM models yields $\sigma_8
\Omega^{0.6} = 0.88 \pm 0.15$. The peak is weakly constrained to the range
$0.02 \leq k \leq 0.06 h/Mpc$. These results are consistent with a direct
computation of the PS (Kolatt & Dekel 1996). When compared to galaxy-density
surveys, the implied values for $\beta$ ($\equiv \Omega^{0.6}/b$) are of order
unity to within 25%.
  The parameters of the COBE-normalized, flat CDM model are confined by a 90%
likelihood contour of the sort $\Omega h_{50}^\mu n^\nu = 0.8 \pm 0.2$, where
$\mu = 1.3$ and $\nu = 3.4, 2.0$ for models with and without tensor
fluctuations respectively. For open CDM the powers are $\mu = 0.95$ and $\nu =
1.4$ (no tensor fluctuations). A $\Gamma$-shape model free of COBE
normalization yields only a weak constraint: $\Gamma = 0.4 \pm 0.2$.
