Bayesian Model Comparison and Validation

  title={Bayesian Model Comparison and Validation},
  author={John Geweke},
Models are the venue for much of the work of the economics profession. We use them to express, compare and evaluate alternative ways of addressing important questions. Applied econometricians are called upon to engage in these exercises using data and, often, formal methods whose properties are understood in decision-making contexts. This is true of work in other sciences as well. There is an enormous literature on alternative formal approaches to these tasks, and in particular on the relative… CONTINUE READING
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