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Bayesian econometrics in agricultural and resource economics

Author

Listed:
  • A Ford Ramsey
  • Jisang Yu
  • Klaus Moeltner

Abstract

The Computer Age has enabled an explosion in Bayesian inference. Historically, agricultural and resource economists have contributed to the development and application of Bayesian econometrics. This article describes Bayesian econometrics in agricultural and resource economics and highlights its use. We detail the basics of Bayesian methodology and computation, and provide an accompanying empirical example. We then examine the strengths and weaknesses of the Bayesian approach, particularly for applications in agricultural and resource economics. Lastly, we consider frontier Bayesian methods and how they might be used to obtain improved inference, make more accurate predictions, or solve computational challenges.

Suggested Citation

  • A Ford Ramsey & Jisang Yu & Klaus Moeltner, 2026. "Bayesian econometrics in agricultural and resource economics," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 53(1), pages 127-168.
    • Handle: RePEc:oup:erevae:v:53:y:2026:i:1:p:127-168.
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    File URL: http://hdl.handle.net/10.1093/erae/jbaf060
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