The paper provides new sufficient conditions for consistent and coherent Bayesian inference when a model is invariant under some group of transformations. Building on our theoretical results we reexamine an example from Stone (1976) giving some new insights. The priors for multivariate normal...

The article presents the problem of identification in parametric models from an algebraic point of view. We argue that it is not just another perspective but the proper one. That is, using our approach we can see the very nature of the identification problem, which is slightly different than...

We propose the unified approach to construct the non–informative prior for time–series econometric models that are invariant under some group of transformations. We show that this invariance property characterizes some of the most popular models hence the applicability of the proposed...

The paper aims at systematic placement of identification concept within Bayesian approach. Pointing to some deficiencies of the standard Bayesian language to describe identification problem we propose several useful characterizations that seem to be intuitively sound and attractive given their...

We provide some generalization and clarification of the identification conditions for Structural VAR (SVAR) models given in Rubio–Ramírez et al (2010). In particular we show that their basic sufficient condition is also necessary. In addition we give necessary and sufficient conditions for...

Regional income dispersion is a sensitive issue in China in terms of judging the impact of economic reform. This study looks closely at the issue as to what are the determinants of income variation among households in general, and which are the key determinants of income dispersion among...

In a simple form, the basic relationship that can be used while exponential neat, is given by the expression: (for t ≥ 2) Where: St = the adjusted values of the dynamic series; yt = the levels of the empiric series; St-1 = the adjusted value of the term t – 1; w = a constant of adjustment...

This paper studies repeated games where the time of repetitions of the stage game is not known or controlled by the players. Many economic situations of interest where players repeatedly interact share this feature, players do not know exactly when is the next time they will be called to play...

This paper summarizes the theory of knowledge from the book of the same title by the same author. The paper begins by asking, and answering, what knowledge is. In searching for precise definitions it rids itself of the ambiguous term of infinity. The seven main laws of knowledge are laid out and...

We analyze an economy populated by a sequence of generations who decide over their consumption levels and the levels of investment in human capital of their immediate descendants. The objective of the paper is to identify the impact of strategic interactions between consecutive generations on...