Bayesian Full Information Analysis of Simultaneous Equation Models Using Integration by Monte Carlo (eBook, PDF)
L. Bauwens
eBook, PDF

Bayesian Full Information Analysis of Simultaneous Equation Models Using Integration by Monte Carlo (eBook, PDF)

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In their review of the "Bayesian analysis of simultaneous equation systems", Dr~ze and Richard (1983) - hereafter DR - express the following viewpoint about the present state of development of the Bayesian full information analysis of such sys tems i) the method allows "a flexible specification of the prior density, including well defined noninformative prior measures"; ii) it yields "exact finite sample posterior and predictive densities". However, they call for further developments so that these densities can be eval uated through 'numerical methods, using an integrated software packa~e. To ...

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