Carmen Fernandez (CentER and Dept of Econometrics/Tilburg University/The Netherlands) Eduardo Ley (FEDEA/Madrid/Spain) Mark F.J. Steel (CentER and Dept of Econometrics/Tilburg University/The Netherlands)
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This paper deals with the issue of modeling daily catches of fishing boats in the Grand Bank fishing grounds. We have data on catches per species for a number of vessels collected by the European Union in the context of the North Atlantic Fisheries Organization. Many variables can be thought to influence the amount caught: a number of ship characteristics ---such as the size of the ship, the fishing technique used, the mesh size of the nets, etc.---, are obvious candidates, but one can also consider the season or the actual location of the catch. In all, our database leads to 23 possible regressors, resulting in a set of $8.4\times 10^6$ possible linear regression models. Prediction of future catches and posterior inference will be based on Bayesian model averaging, using a Markov Chain Monte Carlo Model Composition (MC$^3$) approach. Particular attention is paid to the elicitation of the prior and the prediction of catch for single and aggregated observations.
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Paper provided by EconWPA in its series Econometrics with number
9712001.
Length: 22 pages Date of creation: 04 Dec 1997 Date of revision: Handle: RePEc:wpa:wuwpem:9712001
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Find related papers by JEL classification: C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Bayesian Analysis C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Statistical Simulation Methods
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