Semiparametric Bayesian Analysis Of Simultaneous Systems With An Application To Japanese Meat Demand
This paper motivates and applies a variant of the Bayesian Bootstrap Multivariate Regression by Heckelei and Mittelhammer (2003) to a Japanese meat demand specification with endogenous regressors. The methodology is first given an alternative and more elegants motivation and then extended to incorporate microtheoretic restrictions and to apply in the context of a simultaneous equation models. The results of the application are compared to results based on an earlier approach used by Heckelei, Mittelhammer, and Wahl (1996).
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- Heckelei, Thomas & Mittelhammer, Ron C., 2003. "Bayesian bootstrap multivariate regression," Journal of Econometrics, Elsevier, vol. 112(2), pages 241-264, February.
- Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
- Hayes, Dermot J. & Wahl, Thomas I. & Williams, Gary W., 1990. "Testing Restrictions on a Model of Japanese Meat Demand," Staff General Research Papers 10940, Iowa State University, Department of Economics.
- Chalfant, James A, 1987. "A Globally Flexible, Almost Ideal Demand System," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(2), pages 233-42, April.
- Heckelei, Thomas & Mittelhammer, Ronald C., 2002. "Simultaneous Equations Bayesian Bootstrap," 2002 Annual meeting, July 28-31, Long Beach, CA 19873, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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