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In the framework of range-based localization from {Received Signal Strength} (RSS) measurements, we propose a novel Bayesian formulation of the ranging problem alternative to the common approach of inverting the Path-Loss formula. Additionally, we consider an alternative to the conventional lateration stage based on an Iterative Least Squares (ILS). Numerical results show that the combination of the proposed approaches improves considerably the accuracy of range-based localization with only a slight increase of computational complexity, thus reducing the gap with the more complex range-free methods.