In the paper we have addressed the problem of price-wage relationship modelling in case of the mixed economy. The empirical investigation was based on the Polish annual data for the period of centrally planned system (1964-1989) and on quarterly data for the period of transition towards the...

We develop a fully Bayesian framework for analysis and comparison of two competing approaches to modelling daily prices on different markets. The first approach, prevailing in financial econometrics, amounts to assuming that logarithms of prices behave like a multivariate random walk; this...

Often daily prices on different markets are not all observable. The question is whether we should exclude from modelling the days with prices not available on all markets (thus loosing some information and implicitly modifying the time axis) or somehow complete the missing (non-existing) prices....

The paper refines Lenk’s concept of improving the performance of the computed harmonic mean estimator (HME) in three directions. First, the adjusted HME is derived from an exact analytical identity. Second, Lenk’s assumption concerning the appropriate subset A of the parameter space is...

We formulate a general representation of points z E Rn - {O} in terms of pairs (y, r), where r 0, y lies in some space y, and z = ry. In addition, we impose that the representation is unique. An example of such a representation is polar coordinates. As an immediate consequence, we can represent...

In this paper we describe the use of Gibbs sampling methods for making posterior inferences.in stochastic frontier models with composed error. We show how Gibbs sampling methods can greatly reduce the computational difficulties involved in analyzing such models. Our findings are illustrated in...