Using Simulation Methods for Bayesian Econometric Models
This paper surveys the fundamental principles of subjective Bayesian inference in econometrics and their implementation using posterior simulation methods. The emphasis is on the combination of models and the development of predictive distributions. The paper shows how posterior simulators can facilitate communication between investigators (for example, econometricians) on the one hand and remote clients (for example, decision makers) on the other, enabling clients to vary the prior distributions and functions of interest employed by investigators.
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|Date of creation:||01 Mar 1999|
|Date of revision:|
|Contact details of provider:|| Postal: CEF99, Boston College, Department of Economics, Chestnut Hill MA 02467 USA|
Web page: http://fmwww.bc.edu/CEF99/
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