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Bayesian Econometrics
Bayesian econometrics is a branch of econometrics which applies Bayesian principles to economic modelling. Bayesianism is based on a degree-of-belief interpretation of probability, as opposed to a relative-frequency interpretation. The Bayesian principle relies on Bayes' theorem which states that the probability of B conditional on A is the ratio of joint probability of A and B divided by probability of B. Bayesian econometricians assume that coefficients in the model have prior distributions. This approach was first propagated by Arnold Zellner. Basics Subjective probabilities have to satisfy the standard axioms of probability theory if one wishes to avoid losing a bet regardless of the outcome. Before the data is observed, the parameter \theta is regarded as an unknown quantity and thus random variable, which is assigned a prior distribution \pi(\theta) with 0 \leq \theta \leq 1. Bayesian analysis concentrates on the inference of the posterior distribution \pi(\theta, y) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Econometrics
Econometrics is the application of Statistics, statistical methods to economic data in order to give Empirical evidence, empirical content to economic relationships.M. Hashem Pesaran (1987). "Econometrics," ''The New Palgrave: A Dictionary of Economics'', v. 2, p. 8 [pp. 8–22]. Reprinted in J. Eatwell ''et al.'', eds. (1990). ''Econometrics: The New Palgrave''p. 1[pp. 1–34].Abstract (The New Palgrave Dictionary of Economics, 2008 revision by J. Geweke, J. Horowitz, and H. P. Pesaran). More precisely, it is "the quantitative analysis of actual economic Phenomenon, phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships". Jan Tinbergen is one of the two founding fathers of econometrics. The other, Ragnar Frisch, also coined the term in the sense in which it is used toda ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre-Simon Laplace
Pierre-Simon, marquis de Laplace (; ; 23 March 1749 – 5 March 1827) was a French scholar and polymath whose work was important to the development of engineering, mathematics, statistics, physics, astronomy, and philosophy. He summarized and extended the work of his predecessors in his five-volume ''Mécanique céleste'' (''Celestial Mechanics'') (1799–1825). This work translated the geometric study of classical mechanics to one based on calculus, opening up a broader range of problems. In statistics, the Bayesian interpretation of probability was developed mainly by Laplace. Laplace formulated Laplace's equation, and pioneered the Laplace transform which appears in many branches of mathematical physics, a field that he took a leading role in forming. The Laplacian differential operator, widely used in mathematics, is also named after him. He restated and developed the nebular hypothesis of the origin of the Solar System and was one of the first scientists to sugges ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Graphics Processing Unit
A graphics processing unit (GPU) is a specialized electronic circuit designed to manipulate and alter memory to accelerate the creation of images in a frame buffer intended for output to a display device. GPUs are used in embedded systems, mobile phones, personal computers, workstations, and game consoles. Modern GPUs are efficient at manipulating computer graphics and image processing. Their parallel structure makes them more efficient than general-purpose central processing units (CPUs) for algorithms that process large blocks of data in parallel. In a personal computer, a GPU can be present on a video card or embedded on the motherboard. In some CPUs, they are embedded on the CPU die. In the 1970s, the term "GPU" originally stood for ''graphics processor unit'' and described a programmable processing unit independently working from the CPU and responsible for graphics manipulation and output. Later, in 1994, Sony used the term (now standing for ''graphics processing unit'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parallelization
Parallel computing is a type of computation in which many calculations or processes are carried out simultaneously. Large problems can often be divided into smaller ones, which can then be solved at the same time. There are several different forms of parallel computing: bit-level, instruction-level, data, and task parallelism. Parallelism has long been employed in high-performance computing, but has gained broader interest due to the physical constraints preventing frequency scaling.S.V. Adve ''et al.'' (November 2008)"Parallel Computing Research at Illinois: The UPCRC Agenda" (PDF). Parallel@Illinois, University of Illinois at Urbana-Champaign. "The main techniques for these performance benefits—increased clock frequency and smarter but increasingly complex architectures—are now hitting the so-called power wall. The computer industry has accepted that future performance increases must largely come from increasing the number of processors (or cores) on a die, rather than m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Markov Chain Monte Carlo
In statistics, Markov chain Monte Carlo (MCMC) methods comprise a class of algorithms for sampling from a probability distribution. By constructing a Markov chain that has the desired distribution as its equilibrium distribution, one can obtain a sample of the desired distribution by recording states from the chain. The more steps that are included, the more closely the distribution of the sample matches the actual desired distribution. Various algorithms exist for constructing chains, including the Metropolis–Hastings algorithm. Application domains MCMC methods are primarily used for calculating numerical approximations of multi-dimensional integrals, for example in Bayesian statistics, computational physics, computational biology and computational linguistics. In Bayesian statistics, the recent development of MCMC methods has made it possible to compute large hierarchical models that require integrations over hundreds to thousands of unknown parameters. In rare even ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vector Autoregression
Vector autoregression (VAR) is a statistical model used to capture the relationship between multiple quantities as they change over time. VAR is a type of stochastic process model. VAR models generalize the single-variable (univariate) autoregressive model by allowing for multivariate time series. VAR models are often used in economics and the natural sciences. Like the autoregressive model, each variable has an equation modelling its evolution over time. This equation includes the variable's lagged (past) values, the lagged values of the other variables in the model, and an error term. VAR models do not require as much knowledge about the forces influencing a variable as do structural models with simultaneous equations. The only prior knowledge required is a list of variables which can be hypothesized to affect each other over time. Specification Definition A VAR model describes the evolution of a set of ''k'' variables, called ''endogenous variables'', over time. Each perio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Christopher Sims
Christopher Albert Sims (born October 21, 1942) is an American econometrician and macroeconomist. He is currently the John J.F. Sherrerd '52 University Professor of Economics at Princeton University. Together with Thomas Sargent, he won the Nobel Memorial Prize in Economic Sciences in 2011. The award cited their "empirical research on cause and effect in the macroeconomy". Biography Sims was born in Washington, D.C., the son of Ruth Bodman (Leiserson), a Democratic politician and daughter of William Morris Leiserson, and Albert Sims, a state department worker. His father was of English and Northern Irish descent, and his mother was of half Estonian Jewish and half English ancestry. His uncle was Yale economist Mark Leiserson. Sims earned his A.B. in mathematics from Harvard University ''magna cum laude'' in 1963 and his PhD in Economics from Harvard in 1968 under supervision of Hendrik S. Houthakker. During the 1963-64 academic year, he was a graduate student at the Universi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of The American Statistical Association
The ''Journal of the American Statistical Association (JASA)'' is the primary journal published by the American Statistical Association, the main professional body for statisticians in the United States. It is published four times a year in March, June, September and December by Taylor & Francis, Ltd on behalf of the American Statistical Association. As a statistics journal it publishes articles primarily focused on the application of statistics, statistical theory and methods in economic, social, physical, engineering, and health sciences. The journal also includes reviews of academic books which are important to the advancement of the field. It had an impact factor of 2.063 in 2010, tenth highest in the "Statistics and Probability" category of ''Journal Citation Reports''. In a 2003 survey of statisticians, the ''Journal of the American Statistical Association'' was ranked first, among all journals, for "Applications of Statistics" and second (after ''Annals of Statistics'') f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edward Leamer
Edward Emory Leamer (born May 24, 1944) is a professor of economics and statistics at UCLA. He is Chauncey J. Medberry Professor of Management and director of the UCLA Anderson Forecast. He attended Princeton (B.A., mathematics, 1966) and the University of Michigan (M.A., mathematics, Ph.D., economics, 1970). Leamer is the author of 4 books and over 100 articles on a range of subjects especially including applied econometrics and quantitative international economics. Leamer was the vice presidential nominee on Laurence Kotlikoff's independent ticket in the 2016 US presidential election. Leamer is known amongst economists for his paper "Let's Take the Con Out of Econometrics", widely referred to as Leamer's critique, which is said to have catalyzed the implementation of more rigorous research designs in the economic sciences. Selected publications ;Books * 1978. ''Specification Searches: Ad Hoc Inference with Nonexperimental Data'', Wiley. Chapter previelinks * 1985. ''Source ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Econometric Theory
''Econometric Theory'' is an economics journal specialising in econometrics, published by Cambridge Journals. Its current editor is Peter Phillips Peter Mark Andrew Phillips (born 15 November 1977) is a British businessman and the son of Anne, Princess Royal, and Captain Mark Phillips. He is the eldest nephew of King Charles III, and 17th in the line of succession to the British throne. .... It is one of the main econometrics journals. The journal was founded against a backdrop of strong growth in econometrics research in 1985. At the time of its foundation, a main goal was to support theoretical developments in econometrics. Whereas many early articles focused exclusively on theory, disregarding practical applications, it became standard practice to include empirical illustrations or simulations in recent decades. References * . Also published as University of Cyprus, Department of Economics Working Paper 01-10 External links Econometrics journals Publications es ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Tiao
George may refer to: People * George (given name) * George (surname) * George (singer), American-Canadian singer George Nozuka, known by the mononym George * George Washington, First President of the United States * George W. Bush, 43rd President of the United States * George H. W. Bush, 41st President of the United States * George V, King of Great Britain, Ireland, the British Dominions and Emperor of India from 1910-1936 * George VI, King of Great Britain, Ireland, the British Dominions and Emperor of India from 1936-1952 * Prince George of Wales * George Papagheorghe also known as Jorge / GEØRGE * George, stage name of Giorgio Moroder * George Harrison, an English musician and singer-songwriter Places South Africa * George, Western Cape ** George Airport United States * George, Iowa * George, Missouri * George, Washington * George County, Mississippi * George Air Force Base, a former U.S. Air Force base located in California Characters * George (Peppa Pig), a 2-year-old ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas J
Clarence Thomas (born June 23, 1948) is an American jurist who serves as an associate justice of the Supreme Court of the United States. He was nominated by President George H. W. Bush to succeed Thurgood Marshall and has served since 1991. After Marshall, Thomas is the second African American to serve on the Court and its longest-serving member since Anthony Kennedy's retirement in 2018. Thomas was born in Pin Point, Georgia. After his father abandoned the family, he was raised by his grandfather in a poor Gullah community near Savannah. Growing up as a devout Catholic, Thomas originally intended to be a priest in the Catholic Church but was frustrated over the church's insufficient attempts to combat racism. He abandoned his aspiration of becoming a clergyman to attend the College of the Holy Cross and, later, Yale Law School, where he was influenced by a number of conservative authors, notably Thomas Sowell, who dramatically shifted his worldview from progressive to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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