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GTAP Resource #3014

"A bayesian alternative to generalized cross entropy solutions for underdetermined econometric models"
by Heckelei, Thomas, Torbjorn Jansson and Ron Mittelhammer

This paper presents a Bayesian alternative to Generalized Maximum Entropy (GME) and Gen-eralized Cross Entropy (GCE) methods for deriving solutions to econometric models repre-sented by underdetermined systems of equations. For certain types of econometric model speci-fications, the Bayesian approach provides fully equivalent results to GME-GCE techniques. However, in its general form, the proposed Bayesian methodology allows a more direct and straightforwardly interpretable formulation of available prior information and can reduce sig-nificantly the computational effort involved in finding solutions. The technique can be adapted to provide solutions in situations characterized by either informative or uninformative prior in-formation.

Resource Details (Export Citation) GTAP Keywords
Category: GTAP Application
Status: Not published
Date: 2009
Version: DRAFT
Created: Jansson, T. (4/14/2009)
Updated: Jansson, T. (4/14/2009)
Visits: 3,327
- Calibration and parameter estimation

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This paper is a DRAFT

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