Bayesian estimation of a random coefficient model |
| |
Authors: | William E Griffiths Ross G Drynan Surekha Prakash |
| |
Institution: | University of New England, Armidale, NSW 2351, Australia |
| |
Abstract: | This paper carries out a Bayesian analysis of the Hildreth-Houck (1968) random coefficient model and applies it to some cross-section production function data. Posterior distributions for mean coefficients, actual coefficients, variances and variance ratios are derived. The variance ratio posteriors are largely uninformative but they do lead to relatively informative densities on the variances, and the problem of negative variance estimates, obtained with previous techniques, is overcome. Posterior densities for the mean coefficients are not extremely sensitive to the variance ratios. |
| |
Keywords: | |
本文献已被 ScienceDirect 等数据库收录! |
|