The Basel II framework strictly defines the conditions under which financial institutions are authorized to accept real estate as collateral in order to decrease their credit risk. A widely used concept for its valuation is the hedonic approach. It assumes, that a property can be characterized...

In this paper, we propose a generic Bayesian framework for inference in distributional regression models in which each parameter of a potentially complex response distribution and not only the mean is related to a structured additive predictor. The latter is composed additively of a variety of...

There has been much recent interest in Bayesian inference for generalized additive and related models. The increasing popularity of Bayesian methods for these and other model classes is mainly caused by the introduction of Markov chain Monte Carlo (MCMC) simulation techniques which allow...

Bayesian methods have become increasingly popular in the past two decades. With the constant rise of computational power even very complex models can be estimated on virtually any modern computer. Moreover, interest has shifted from conditional mean models to probabilistic distributional models...

For numerous applications it is of interest to provide full probabilistic forecasts, which are able to assign probabilities to each predicted outcome. Therefore, attention is shifting constantly from conditional mean models to probabilistic distributional models capturing location, scale, shape...

The Basel II framework strictly defines the conditions under which financial institutions are authorized to accept real estate as collateral in order to decrease their credit risk. A widely used concept for its valuation is the hedonic approach. It assumes, that a property can be characterized...

Estimating nonlinear effects of continuous covariates by penalized splines is well established for regressions with cross-sectional data as well as for panel data regressions with random effects. Penalized splines are particularly advantageous since they enable both the estimation of unknown...

We reexamine the effect of economic development on the level of democracy based on the data sets of Acemoglu et al. (2008) with a novel regression specification utilizing a zero-one-inflated beta distribution for the response variable democracy. The zero-one-inflated beta distribution is more...