In this Book

summary

Econometric models are widely used in the creation and evaluation of economic policy in the public and private sectors. But these models are useful only if they adequately account for the phenomena in question, and they can be quite misleading if they do not. In response, econometricians have developed tests and other checks for model adequacy. All of these methods, however, take as given the specification of the model to be tested. In this book, John Geweke addresses the critical earlier stage of model development, the point at which potential models are inherently incomplete.

Summarizing and extending recent advances in Bayesian econometrics, Geweke shows how simple modern simulation methods can complement the creative process of model formulation. These methods, which are accessible to economics PhD students as well as to practicing applied econometricians, streamline the processes of model development and specification checking. Complete with illustrations from a wide variety of applications, this is an important contribution to econometrics that will interest economists and PhD students alike.

Table of Contents

  1. Cover
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  1. Title Page, copyright
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  1. Contents
  2. pp. v-vi
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  1. Series Editors’ Introduction
  2. pp. vii-viii
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  1. Preface
  2. p. ix
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  1. 1 Introduction
  2. pp. 1-6
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  1. 2 The Bayesian Paradigm
  2. pp. 7-33
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  1. 3 Prior Predictive Analysis and Model Evaluation
  2. pp. 34-85
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  1. 4 Incomplete Structural Models
  2. pp. 86-121
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  1. 5 An Incomplete Model Space
  2. pp. 122-160
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  1. References
  2. pp. 161-165
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Additional Information

ISBN
9781400835249
Print ISBN
9780691140025
MARC Record
OCLC
659549748
Pages
176
Launched on MUSE
2015-01-01
Language
English
Open Access
N
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