ECON 414 - Bayesian Econometrics

Credits: (3)
Prerequisite(s): ECON 308
College Curriculum: COLL 400
This course examines the use of Bayesian estimation methods for a wide variety of settings in applied economics. After a brief primer on Bayesian statistics, we will examine the use of the Metropolis-Hastings algorithm for parameter estimation via Markov Chain Monte Carlo methods. We will explore heirarchical models (such as mixed regression), multivariate probit, and time series models and apply these to a variety of policy and scientific questions. A significant focus of the course will be the communicating the degree of scientific knowledge and uncertainty in a variety of settings including Oped’s, blog posts, and scientific notebooks which will be targeted to a variety of audiences.