摘要:

Abstract.Bayesian methods are widely used by theoretical econometricians and statisticians but have not won widespread acceptance from applied researchers. After briefly describing the basic of the Bayesian approach, we discuss several issues relating to the empirical application of Bayesian methods. The existing Bayesian empirical literature is also partially summarized. The remainder of the paper offers a non‐technical survey of some recent computational advances in Bayesian econometrics. The overall goal is to persuade economists that Bayesian methods are both computationally feasible and easy to implement in empirical researc

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1994.tb00173.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Abstract.This paper reviews the growing interest in institutions. It argues that the explanation for this interest is a fresh awareness of how institutions affect economic performance. This connection arises because many economic interaction take the form of one or other of three ‘classic’ games (prisoners' dilemma, coordination and chicken) and the outcome in these games (and hence performance of the economy) is influenced by the institutional context of these interactions. The paper provides a detailed illustration of this argument with a survey of the literature which relates unemployment performances to the institutions of wage setting in OECD countr

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1994.tb00174.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Abstract.Economists devote considerable energies towards refining their econometric techniques to overcome difficulties connected with conducting empirical research. Despite advances in technique. it is not clear whether further refinement in this direction is worthwhile for policy purposes. It may be that no further amount of statistical adjustment of inadequate data will increase understanding, and that better data is simply necessary to add to our knowledge. But rarely is sufficient credit paid to new forms of data. In short, econometric technique is emphasized to the neglect of data innovation, as if new data were merely lying about waiting for an ingenious suggestion for use. This paper surveys advances of the last twenty five years in estimating labour supply for policy purposes with a view towards appreciating the relative contribution of both improvements in econometric technique as well as developments of new data.After briefly detailing the key parameters which economists have sought to estimate, we describe the early ‘first generation’ research (circa 1970), which is plagued by problems of unobservable variables, measurement errors, truncation and selectivity bias, and non linear budget constraints. ‘Second generation’ research constitute attempts to resolve one or more of these difficulties, and the respective contribution of econometric technique and new data is acknowledged and assessed, including the contribution of data generated by large scale social experiments in which participants are randomly assigned to different guaranteed income plans and their labour supply behaviour m

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1994.tb00175.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Book reviewed in this article:Binmore, K. (1992)Fun and Games, A Text on Game TheoryFudenberg, D. and J. Tirole (1991)Game TheoryGibbons, R. (1992)A Primer in Game TheoryMyerson, R. B. (1991)Game Theory, Analysis of ConflictRasmusen, E. (1989)Games and Information, An Introduction to Game Theory

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1994.tb00176.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY