EconPapers    
Economics at your fingertips  
 

Bayesian estimation of non-stationary Markov models combining micro and macro data

Hugo Storm, Thomas Heckelei and Ron Mittelhammer ()

European Review of Agricultural Economics, 2016, vol. 43, issue 2, 303-329

Abstract: We develop a Bayesian framework for estimating non-stationary Markov models in situations where macro population data are available only on the proportion of individuals residing in each state, but micro-level sample data are available on observed transitions between states. Posterior distributions on non-stationary transition probabilities (TPs) are derived combining micro and macrodata using potentially asynchronous data observations, providing a new method for inferring TPs that merges previously disparate approaches. Monte Carlo simulations demonstrate how observed micro transitions can improve the precision of posterior information. We provide an empirical illustration in the context of farm structural change.

Date: 2016
References: Add references at CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://hdl.handle.net/10.1093/erae/jbv018 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Bayesian Estimation of Non-Stationary Markov Models Combining Micro and Macro Data (2014) Downloads
Working Paper: Bayesian estimation of non-stationary Markov models combining micro and macro data (2011) Downloads
Working Paper: Bayesian estimation of non-stationary Markov models combining micro and macro data (2011) Downloads
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:oup:erevae:v:43:y:2016:i:2:p:303-329.

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

European Review of Agricultural Economics is currently edited by Timothy Richards, Salvatore Di Falco, Céline Nauges and Vincenzina Caputo

More articles in European Review of Agricultural Economics from Oxford University Press and the European Agricultural and Applied Economics Publications Foundation Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().

 
Page updated 2024-07-05
Handle: RePEc:oup:erevae:v:43:y:2016:i:2:p:303-329.