Predictive Densities for Shire Level Wheat Yield in Western Australia
AbstractWheat yield in Western Australia (WA) depends critically on rainfall during three periods – germination, growing and flowering. The degree of uncertainty attached to a wheat-yield prediction depends on whether the prediction is made before or after the rainfall in each period has been realised. Bayesian predictive densities that reflect the different levels of uncertainty in wheat-yield predictions made at four different points in time are derived for five shires in Western Australia. The framework used for prediction is a linear regression model with stochastic regressors and inequality restrictions on the coefficients. An algorithm is developed that can be used more generally for obtaining Bayesian predictive densities in linear and nonlinear models with inequality constraints, and with or without stochastic regressors.
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Bibliographic InfoPaper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 1051.
Length: 30 pages
Date of creation: 2008
Date of revision:
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Postal: Department of Economics, The University of Melbourne, 5th Floor, Economics and Commerce Building, Victoria, 3010, Australia
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Web page: http://www.economics.unimelb.edu.au
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Bayesian forecasting; inequality restrictions; random regressors.;
Other versions of this item:
- Griffiths, William E. & Newton, Lisa S. & O'Donnell, Christopher J., 2001. "Predictive Densities for Shire Level Wheat Yield in Western Australia," 2001 Conference (45th), January 23-25, 2001, Adelaide 125645, Australian Agricultural and Resource Economics Society.
- NEP-ALL-2008-11-25 (All new papers)
- NEP-ECM-2008-11-25 (Econometrics)
- NEP-FOR-2008-11-25 (Forecasting)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Coelli, Tim J., 1992. "Forecasting Wheat Production Using Shire Level Data," 1992 Conference (36th), February 10-13, 1992, Canberra, Australia 146430, Australian Agricultural and Resource Economics Society.
- Geweke, John, 1986. "Exact Inference in the Inequality Constrained Normal Linear Regression Model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 1(2), pages 127-41, April.
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- Chatfield, Chris, 1993. "Calculating Interval Forecasts: Reply," Journal of Business & Economic Statistics, American Statistical Association, vol. 11(2), pages 143-44, April.
- Griffiths, W.E., 2001. "Bayesian Inference in the Seemingly Unrelated Regressions Models," Department of Economics - Working Papers Series 793, The University of Melbourne.
- William Griffiths, 2002. "A Gibbs’ Sampler for the Parameters of a Truncated Multivariate Normal Distribution," Department of Economics - Working Papers Series 856, The University of Melbourne.
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