Tag: Bayesian Models

Excerpt: Bayesian econometrics integrates prior beliefs with observed data to make robust inferences, especially in small-sample environments. This article explores its foundational concepts, mathematical underpinnings, and real-world applications. Introduction to Bayesian Econometrics Bayesian econometrics is a subfield of econometric theory that employs the principles of Bayesian inference to estimate and test economic models. Unlike classical…