Bayesian Full Information Structrual Analysis
J.A. Morales
Broschiertes Buch

Bayesian Full Information Structrual Analysis

with an Application to the Study of the Belgian Beef Market

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1 1. Statement of the problem. Bayes' theorem provides a very powerful tool for statistical inference, especially when pooling information from different sources is appropriate. Thus, prior information resulting from economic theory and/or from previous (real or hypothetical) samples can be combined with the information embodied in new observations; and this operation can be performed formally, within a rigorous mathematical framework. To introduce the Bayesian analysis of the simultaneous equations model, we shall base our presentation in the very convenient exposition given by Dreze in his p...