The objective of this article is to propose a Bayesian method for estimating a system of Engel functions using survey data that include zero expenditures. We deal explicitly with the problem of zero expenditures in the model and estimate a system of Engel functions that satisfy the adding-up...

This article proposes a new measure for inequality of subjective well-being and shows the empirical results using a Bayesian ordered probit model. We introduce a new concept called “regret” as a measure for inequality of subjective well-being. Regret is the probability with which a...

type="main" <p>In this article, we use microlevel data extracted from the 2006 Japanese General Social Surveys to analyze the relationships between self-assessed social position and socioeconomic factors such as income and poverty. We provide the posterior results of the estimation of the Bayesian...</p>

This study explores the reasons for the slow price reactions to analysts' recommendation revisions. We predict that analysts' recommendation revisions contain earnings-related information that is not incorporated in analysts' earnings forecasts and that the slow price reaction is attributable to...

This article provides the estimation method for multivariate polychoric and polyserial correlation coefficients by using the simulation-based Bayesian method. It also shows that the partial version of the polychoric and polyserial correlation coefficients can be estimated using the corresponding...