Methods for computing marginal data densities from the Gibbs output

A-Tier
Journal: Journal of Econometrics
Year: 2013
Volume: 175
Issue: 2
Pages: 132-141

Score contribution per author:

2.011 = (α=2.01 / 2 authors) × 2.0x A-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We introduce two estimators for estimating the Marginal Data Density (MDD) from the Gibbs output. Our methods are based on exploiting the analytical tractability condition, which requires that some parameter blocks can be analytically integrated out from the conditional posterior densities. This condition is satisfied by several widely used time series models. An empirical application to six-variate VAR models shows that the bias of a fully computational estimator is sufficiently large to distort the implied model rankings. One of the estimators is fast enough to make multiple computations of MDDs in densely parameterized models feasible.

Technical Details

RePEc Handle
repec:eee:econom:v:175:y:2013:i:2:p:132-141
Journal Field
Econometrics
Author Count
2
Added to Database
2026-01-25