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Estimating bayesian decision problems with heterogeneous priors
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Hansen, Stephen and McMahon, Michael F. (2013) Estimating bayesian decision problems with heterogeneous priors. Working Paper. Coventry, UK: Department of Economics, University of Warwick. CAGE Online Working Paper Series, Volume 2013 (Number 127).
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Text (Working paper )
WRAP_127_2013_mcmahon.pdf - Published Version Download (1266Kb) | Preview |
Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
In many areas of economics there is a growing interest in how expertise and
preferences drive individual and group decision making under uncertainty. Increasingly,
we wish to estimate such models to quantify which of these drive decision
making. In this paper we propose a new channel through which we can empirically
identify expertise and preference parameters by using variation in decisions
over heterogeneous priors. Relative to existing estimation approaches, our \PriorBased
Identi cation" extends the possible environments which can be estimated,
and also substantially improves the accuracy and precision of estimates in those
environments which can be estimated using existing methods.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Bayesian statistical decision theory , Economics -- Mathematical models | ||||
Series Name: | CAGE Online Working Paper Series | ||||
Publisher: | Department of Economics, University of Warwick | ||||
Place of Publication: | Coventry, UK | ||||
Official Date: | March 2013 | ||||
Dates: |
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Volume: | Volume 2013 | ||||
Number: | Number 127 | ||||
Number of Pages: | 23 | ||||
Institution: | University of Warwick | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Date of first compliant deposit: | 9 November 2017 | ||||
Date of first compliant Open Access: | 9 November 2017 |
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