The estimated parameters of output distance functions frequently violate the monotonicity, quasi-convexity and convexity constraints implied by economic theory, leading to estimated elasticities and shadow prices that are incorrectly signed, and ultimately to perverse conclusions concerning the...

Systems of equations comprising cost functions and first-order derivative equations are often used to estimate characteristics of production technologies. Unfortunately, many estimated systems violate the regularity conditions implied by economic theory. Sampling theory methods can be used to...

A problem with the use of flexible functional forms is that the estimated functions frequently violate the regularity conditions (eg, monotonicity, concavity) implied by economic theory. Sampling theory methods exist for imposing curvature conditions at all non-negative prices, but such methods...

Abstract Individual-level models (ILMs) are a class of complex, statistical models that are often fitted within a Bayesian framework, and which can be suitable for modeling infectious disease spread. The deviance information criterion (DIC) is a model comparison tool that is appropriate for...

Prepared for the Handbook of Economic Forecasting, vol 2 This chapter reviews Bayesian methods for inference and forecasting with VAR models. Bayesian inference and, by extension, forecasting depends on numerical methods for simulating from the posterior distribution of the parameters and spe-...

This paper develops methods for Stochastic Search Variable Selection (currently popular with regression and Vector Autoregressive models) for Vector Error Correction models where there are many possible restrictions on the cointegration space. We show how this allows the researcher to begin with...