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A Note on Lenk’s Correction of the Harmonic Mean Estimator

Author

Listed:
  • Anna Pajor

    (Cracow University of Economics)

  • Jacek Osiewalski

    (Cracow University of Economics)

Abstract

The paper refines Lenk’s concept of improving the performance of the computed harmonic mean estimator (HME) in three directions. First, the adjusted HME is derived from an exact analytical identity. Second, Lenk’s assumption concerning the appropriate subset A of the parameter space is significantly weakened. Third, it is shown that, under certain restrictions imposed on A, a fundamental identity underlying the HME also holds for improper prior densities, which substantially extends applicability of the adjusted HME.

Suggested Citation

  • Anna Pajor & Jacek Osiewalski, 2013. "A Note on Lenk’s Correction of the Harmonic Mean Estimator," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 5(4), pages 271-275, December.
    • Handle: RePEc:psc:journl:v:5:y:2013:i:4:p:271-275
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    Citations

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    Cited by:

    1. Jacek Osiewalski & Krzysztof Osiewalski, 2016. "Hybrid MSV-MGARCH Models – General Remarks and the GMSF-SBEKK Specification," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 8(4), pages 241-271, December.
    2. Kamil Makieła, 2014. "Bayesian Stochastic Frontier Analysis of Economic Growth and Productivity Change in the EU, USA, Japan and Switzerland," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 6(3), pages 193-216, September.
    3. Justyna Mokrzycka, 2019. "Bayesian comparison of bivariate Copula-GARCH and MGARCH models," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 11(1), pages 47-71, March.
    4. Jerzy Marzec & Andrzej Pisulewski, 2017. "The Effect of CAP Subsidies on the Technical Efficiency of Polish Dairy Farms," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 9(3), pages 243-273, September.

    More about this item

    Keywords

    Bayesian inference; marginal data density; MCMC methods;
    All these keywords.

    JEL classification:

    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General

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