A contribution of Bayesian approach to experimental economics

Alvaro Hurtado Rendón ()

No 14250, Documentos de Trabajo de Valor Público from Universidad EAFIT

Abstract: Abstract: The main contribution of this work is the discussion about the widespread of the data from the economic experiments. Particularly, in regards with those that research about the discounting rate of the agents, where we suggest using the Dynamic Stochastic General Equilibrium models (DSGE) under a Bayesian approach. Besides, the inclusion of the entrepreneurs in the economic experiments in order to establish which are the long and short discounting rate is also mentioned. In this way, in order to reach what was said before, both a Neoclassic and a Neo Keynesian standard model were used to contrast the parameters robustness. Finally, it is showed that both the short and long term discounting rates after using Bayesian estimation are more consistent with the experiments carried out with entrepreneurs than those with students.

Keywords: Models and applications; Intertemporal Consumer Choice; Bayesian econometrics. (search for similar items in EconPapers)
JEL-codes: D91 E32 E37 (search for similar items in EconPapers)
Pages: 24
Date: 2016-02-02
New Economics Papers: this item is included in nep-dge and nep-mac
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10784/7973

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:col:000122:014250

Access Statistics for this paper

More papers in Documentos de Trabajo de Valor Público from Universidad EAFIT Contact information at EDIRC.
Bibliographic data for series maintained by Valor Público EAFIT - Centro de estudios e incidencia ().