In contrast to a posterior analysis given a particular sampling model, posterior model probabilities in the context of model uncertainty are typically rather sensitive to the specification of the prior. In particular, 'diffuse' priors on model-specific parameters can lead to quite unexpected...

This paper deals with the issue of modelling daily catches of fishing boats in the Grand Bank fishing grounds. We have data on catches per species for a number of vessels collected by the European Union (EU) in the context of the Northwest Atlantic Fisheries Organization (NAPO). Many variables...

We present a simple model of management teams where the time it takes to make decisions is related to the size of the committee. We characterize the situations where larger or smaller sizes of the management team are desirable depending on the covariance structure of the signals that the...

We investigate the issue of model uncertainty in cross-country growth regressions using Bayesian model averaging (BMA). We find that the posterior probability is very spread among many models suggesting the superiority of BMA over choosing any single model. Out-of-sample predictive results...