Jian Zhao
Abstract
The application of Bayesian estimation methods are introduced by using normal linear single-equation econometric model as an example.The distinction between Bayesian estimation and ordinary least squares estimation(OLS) of this econometric model are analyzed.
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The application of Bayesian estimation methods are introduced by using normal linear single-equation econometric model as an example.The distinction between Bayesian estimation and ordinary least squares estimation(OLS) of this econometric model are analyzed.
Key concepts: Econometric model, Econometrics, Estimation, Ordinary least squares, Bayes estimator, Bayesian probability, Least-squares function approximation, Linear model