A BAYESIAN ALTERNATIVE TO GENERALIZED CROSS ENTROPY SOLUTIONS FOR UNDERDETERMINED ECONOMETRIC MODELS

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dc.creatorHeckelei, Thomas
dc.creatorMittelhammer, Ronald C.
dc.creatorJansson, Torbjorn
dc.date2017-04-01T19:31:54Z
dc.date.accessioned2026-07-09T05:02:44Z
dc.descriptionThis paper presents a Bayesian alternative to Generalized Maximum Entropy (GME) and Generalized Cross Entropy (GCE) methods for deriving solutions to econometric models represented by underdetermined systems of equations. For certain types of econometric model specifications, the Bayesian approach provides fully equivalent results to GME-GCE techniques. However, in its general form, the proposed Bayesian methodology allows a more direct and straightforwardly interpretable formulation of available prior information and can reduce significantly the computational effort involved in finding solutions. The technique can be adapted to provide solutions in situations characterized by either informative or uninformative prior information.
dc.identifierdoi:10.22004/ag.econ.56973
dc.identifierhttps://ageconsearch.umn.edu/record/56973/files/dispap08_02.pdf
dc.identifierhttp://ageconsearch.umn.edu/record/56973
dc.identifier.urihttp://hdl.handle.net/123456789/558220
dc.languageeng
dc.publisher
dc.sourcehttp://ageconsearch.umn.edu/record/56973
dc.titleA BAYESIAN ALTERNATIVE TO GENERALIZED CROSS ENTROPY SOLUTIONS FOR UNDERDETERMINED ECONOMETRIC MODELS
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University of Minnesota