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 $P(k) \Omega^{1.2} = (4.8 \pm 1.5) \times 10^3 (Mpc/h)^3k=0.1 h/Mpc$. An extrapolation to smaller scales using the different CDM models yields $\sigma_8 \Omega^{0.6} = 0.88 \pm 0.150.02 \leq k \leq 0.06 h/Mpc$. These results are consistent with a direct computation of the PS (Kolatt & Dekel 1996). When compared to galaxy-density surveys, the implied values for () 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 , where and for models with and without tensor fluctuations respectively. For open CDM the powers are and $\nu = 1.4\Gamma$-shape model free of COBE normalization yields only a weak constraint: .

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