Analysis of actual observations of response processes is a routine procedure in applied econometrics but methods of dealing with purely subjective probability distributions as response 'data' have seemingly not hitherto been worked out. The models and methods developed here go some way to...

A Bayesian approach is used to provide a framework for optimal input allocation for a stochastic production function with uncertain parameters. The chosen production function is a single-input version of a function which can exhibit positive or negative marginal risk. The sensitivity of optimal...

In econometrics there is a long history of using continuous functions to force distributed lag coefficients to behave in an economically accepted way. For example, geometrically declining lags have often been used to model coefficients that we believe should be declining. Polynomial lags have...

It is pointed out that the Chebychev confidence intervals and maximum p-values advocated by Davis and Espinoza for sensitivity analysis of equilibrium displacement models are unnecessary. Desired probability intervals and probabilities can be accurately estimated without resorting to gross...

In many instances, Bayesian Econometrics offers a more natural interpretation of the results of a statistical investigation than does the sampling theory approach. Furthermore, the Bayesian approach provides a formal framework for incorporating prior information which is frequently available...