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BEYOND THE MODEL SPECIFICATION PROBLEM: MODEL AND PARAMETER AVERAGING USING BAYESIAN TECHNIQUES

The model specification problem is perhaps the Achilles heel of applied econometrics. Rather than test down to a single model as is usually done, we estimate 72 different demand systems and use Bayesian averaging procedures over all 72 systems to generate meta estimates of the parameters (e.g., elasticities) of interest.
Year of publication:
2001
Authors: Bryant, Henry L. ; Davis, George C.
Institutions: Agricultural and Applied Economics Association - AAEA
Subject: Research Methods/ Statistical Methods
Extent:
application/pdf
Series:
Type of publication: Book / Working Paper
Notes:
The text is part of a series 2001 Annual meeting, August 5-8, Chicago, IL Number 20689
Source:
Persistent link: https://www.econbiz.de/10005536704
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