GTAP Resources: Resource Display
| GTAP Resource #5880 |
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"Bayesian Estimation of the Linear Expenditure System" by Boratynski, Jakub Abstract We argue that the Bayesian approach is appealing to parameter estimation for multi-sector economic models, in that it (i) handles problems with many parameters and little data, (ii) allows for explicit and flexible formulation of prior knowledge on parameter values, and parameter constraints, (iii) provides full account of uncertainty of the estimates, (iv) is based on a single estimation strategy for a wide variety of models. It is an alternative to the more common maximum entropy (minimum cross entropy) techniques. We specify a Bayesian model for the linear expenditure system, and estimate it based on data for Poland, using the open source Stan package. We then extend the basic formulation to allow for changes in tastes, represented by time-varying marginal budget shares. |
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- Calibration and parameter estimation - Europe (Eastern) |
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Public Access  GTAP Resource 5880 (676.5 KB) Replicated: 0 time(s)Restricted Access No documents have been attached. Special Instructions No instructions have been specified. |
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Last Modified: 9/15/2023 1:05:45 PM
