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On the Relevance of the Bayesian Approach to Statistics
- Source :
- Review of Economic Analysis. 2(2):139-152
- Publication Year :
- 2010
-
Abstract
- We argue here about the relevance and the ultimate unity of the Bayesian approach in a neutral and agnostic manner. Our main theme is that Bayesian data analysis is an effective tool for handling complex models, as proven by the increasing proportion of Bayesian studies in the applied sciences. We disregard in this essay the philosophical debates on the deeper meaning of probability and on the random nature of parameters as things of the past that do a disservice to the approach and are incomprehensible to most bystanders.<br />Comment: This paper is written in conjunction with the 3rd Bayesian econometrics meeting that took place at the Rimini Centre for Economic Analysis on July 01-02, 2009. A version will eventually be published in the Review of Economic Analysis
- Subjects :
- FOS: Computer and information sciences
Economics and Econometrics
Computer science
Bayesian econometrics
jel:C63
jel:C44
Bayesian inference
Empirical probability
Statistics - Computation
Methodology (stat.ME)
Bayes' theorem
Statistics
Bayesian hierarchical modeling
Bayesian inference, Bayes model choice, foundations, testing, non-informative prior, Bayes factor, computational statistics
[STAT.CO]Statistics [stat]/Computation [stat.CO]
Statistics - Methodology
Computation (stat.CO)
jel:C52
jel:C51
jel:C12
Bayes factor
jel:C13
jel:C11
16. Peace & justice
Variable-order Bayesian network
jel:C15
Bayesian statistics
[STAT.ME]Statistics [stat]/Methodology [stat.ME]
Subjects
Details
- Volume :
- 2
- Issue :
- 2
- Database :
- OpenAIRE
- Journal :
- Review of Economic Analysis
- Accession number :
- edsair.doi.dedup.....50c6f63e7254524440d426c3f08ccd12