A multiprocess mixture-model approach to combining forecasts from alternative sources is proposed. This approach extends the Granger-Ramanathan method by allowing the weights used in producing the combination forecast to vary over time. In addition, the procedure discounts outlying data points...

This article adapts to the regional level a multicountry technique recently used by Garcia-Ferrer, Highfield, Palm, and Zellner (1987) and extended by Zellner and Hong (1987) to forecast the growth rates in gross national product across nine countries. This forecasting methodology is applied to...

Interindustry input-output (IO) relationships were incorporated into a local labor market forecasting model for the Toledo, OH MSA by Magura (1990); he found that the use of the IO information as a Bayesian prior reduced forecast errors. LeSage and Magura (1991) found similar results using...

Most hedonic pricing studies using transaction data employ only sold properties. Since the properties sold during any year or even decade represent only a fraction of all properties, this approach ignores the potentially valuable information content of unsold properties which have known...

We show that the ordinary least-squares method used by Pirinsky and Wang (2006) suffers from an endogeneity problem leading to biased and inconsistent estimates. A maximum likelihood estimation procedure that will produce consistent estimates for their model is set forth. This is done using an...