Complete and Incomplete Econometric Models

By John Geweke | Go to book overview

5
An Incomplete Model Space

The formal solutions of most decision problems in economics, in the private and public sectors as well as in academic contexts, require probability distributions for magnitudes that are as yet unknown. Point forecasts are rarely sufficient. For econometric investigators whose work may be used by clients in different situations the rationale for producing predictive distributions is clear.

Increasing awareness of these requirements, combined with advances in modeling and computing, is leading to a sustained emphasis on these distributions in econometric research (Diebold et al. 1998; Christoffersen 1998; Corradi and Swanson 2006a,b; Gneiting et al. 2007). In many situations several models with predictive distributions are available, and this naturally leads to questions of model choice or combination. While there is a large econometric literature on choice or combination of point forecasts, dating at least to Bates and Granger (1969) and extending through many subsequent contributions reviewed recently by Timmermann (2006), the treatment of predictive density combination in the econometrics literature is much more limited. Granger et al. (1989) and Clements (2006) attacked the related problems of event and quantile forecast combination, respectively.

-122-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited page

Bookmark this page
Complete and Incomplete Econometric Models
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Series Editors' Introduction vii
  • Preface ix
  • 1: Introduction 1
  • 2: The Bayesian Paradigm 7
  • 3: Prior Predictive Analysis and Model Evaluation 34
  • 4: Incomplete Structural Models 86
  • 5: An Incomplete Model Space 122
  • References 161
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this book
  • Bookmarks
  • Highlights & Notes
  • Citations
/ 165

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.