Journal ArticleDOI
Further Results on Zellner's Minimum Expected Loss and Full Information Maximum Likelihood Estimators for Undersized Samples
P. A. V. B. Swamy,J. S. Mehta +1 more
TLDR
In this paper, 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.Abstract:
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.read more
Citations
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Bayesian analysis in econometrics
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The finite sample properties of simultaneous equations' estimates and estimators Bayesian and non-Bayesian approaches
TL;DR: In this article, the Bayesian method of moments (BMOM) provides an exact, finite sample analysis of unrestricted reduced form systems, and the performance of Bayesian estimators is compared to traditional Bayesian optimal estimates.
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The foundations of econometrics–are there any
TL;DR: In this article, it was shown that the principles of simplicity, parsimony, and profligacy are useless as criteria for model choice, since they require conditional deductive arguments.
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Further thoughts on testing for causality with econometric models
TL;DR: The ontological basis for causality testing must be some empirically interpretable system leading one to specify a logically valid a priori law that can be shown to exist as discussed by the authors.
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Introduction: P.A.V.B. Swamy's contribution to Econometrics
TL;DR: In this paper, the authors introduce a special issue of Economic Modelling which marks the significant contribution made by P.A.V.B Swamy to econometrics.
References
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On Least Squares with Insufficient Observations
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