Bayesian Econometric Methods (Econometric Exerc...
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One of the appeals for using Bayesian methods in econometric modeling is to incorporate the external information about model parameters often available in practice. This information may come from historical data, or it may come naturally from the knowledge of an economic process. For instance, income elasticity may be known to be less than 1 for some countries, or autocorrelation is known to be between -1 and 1. Either way, a Bayesian approach allows us to combine that external information with what we observe in the current data to form a more realistic view of the economic process of interest.
The course consists of weekly lectures (2 SWS) and exercise sessions (2 SWS). The latter focus primarily on the implementation of econometric methods in R. The lectures are taught by Prof. Dr. Jonas Dovern and the exercise sessions are organized by Daniel Perico. 59ce067264
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