Bayesian Methods for Model Uncertainty Analysis with Application to Future Sea Level Rise

Anand Patwardhan and Mitchell J. Small

Risk Analysis, 1992, vol. 12, issue 4, 513-523

Abstract: This paper addresses the use of data for identifying and characterizing uncertainties in model parameters and predictions. The Bayesian Monte Carlo method is formally presented and elaborated, and applied to the analysis of the uncertainty in a predictive model for global mean sea level change. The method uses observations of output variables, made with an assumed error structure, to determine a posterior distribution of model outputs. This is used to derive a posterior distribution for the model parameters. Results demonstrate the resolution of the uncertainty that is obtained as a result of the Bayesian analysis and also indicate the key contributors to the uncertainty in the sea level rise model. While the technique is illustrated with a simple, preliminary model, the analysis provides an iterative framework for model refinement. The methodology developed in this paper provides a mechanism for the incorporation of ongoing data collection and research in decision‐making for problems involving uncertain environmental change.

Date: 1992
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https://doi.org/10.1111/j.1539-6924.1992.tb00708.x

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Persistent link: https://EconPapers.repec.org/RePEc:wly:riskan:v:12:y:1992:i:4:p:513-523

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