Bayesian analysis in econometrics

The finite sample properties of simultaneous equations' estimates and estimators Bayesian and non-Bayesian approaches

The conclusions of alogically consistent economic theory which strictly adheres to Aristotle's axioms of logic are factually true if its sufficient conditions are all factually true. Alternatively, if a conclusion of such a theory is false, then at- least one of its assumptions is false. Unfortunately, the factual truth of sufficient conditions cannot be established because the problem of induction i s impossible t o solve. It is algo true that the falsity of a conclusion cannot be established in the presence of uncertainty. While the philosophy of instrumentalism applied to sufficient and logically consistent explanations may provide useful solutions to immediate practical problems, the principles of simplicity, parsimony and profligacy--all of them requiring conditional deductive arguments--are useless as criteria for model choice.

The foundations of econometrics–are there any

Further thoughts on testing for causality with econometric models

Introduction: P.A.V.B. Swamy's contribution to Econometrics

The article presents a consistent set of conditions that a prior pdf for the reduced-form parameters must satisfy if Zellner's MELO estimators for the structural coefficients of a linear structural econometric model are to exist in all normal cases where the available sample is undersized. Also, the conditions under which the full information maximum likelihood estimators of structural coefficients exist are given. Finally, the article reports application of MELO estimation to Klein's Model I.

P. A. V. B. Swamy

Papers

Further Results on Zellner's Minimum Expected Loss and Full Information Maximum Likelihood Estimators for Undersized Samples