BEYOND THE MODEL SPECIFICATION PROBLEM: MODEL AND PARAMETER AVERAGING USING BAYESIAN TECHNIQUES

Henry L. Bryant and George Davis

No 20689, 2001 Annual meeting, August 5-8, Chicago, IL from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: The model specification problem is perhaps the Achilles heel of applied econometrics. Rather than test down to a single model as is usually done, we estimate 72 different demand systems and use Bayesian averaging procedures over all 72 systems to generate meta estimates of the parameters (e.g., elasticities) of interest.

Keywords: Research; Methods/Statistical; Methods (search for similar items in EconPapers)
Pages: 17
Date: 2001
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/20689/files/sp01br03.pdf (application/pdf)

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:ags:aaea01:20689

DOI: 10.22004/ag.econ.20689

Access Statistics for this paper

More papers in 2001 Annual meeting, August 5-8, Chicago, IL from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search (aesearch@umn.edu).