Model choice and size distribution: a Bayequentist approach

Research output: Working paperWorking papers

Standard

Model choice and size distribution: a Bayequentist approach. / Engler, John-Oliver; Baumgärtner, Stefan.
Lüneburg: Institut für Volkswirtschaftslehre der Universität Lüneburg, 2013. (Working Paper Series in Economics; No. 265).

Research output: Working paperWorking papers

Harvard

Engler, J-O & Baumgärtner, S 2013 'Model choice and size distribution: a Bayequentist approach' Working Paper Series in Economics, no. 265, Institut für Volkswirtschaftslehre der Universität Lüneburg, Lüneburg.

APA

Engler, J.-O., & Baumgärtner, S. (2013). Model choice and size distribution: a Bayequentist approach. (Working Paper Series in Economics; No. 265). Institut für Volkswirtschaftslehre der Universität Lüneburg.

Vancouver

Engler JO, Baumgärtner S. Model choice and size distribution: a Bayequentist approach. Lüneburg: Institut für Volkswirtschaftslehre der Universität Lüneburg. 2013 Feb 28. (Working Paper Series in Economics; 265).

Bibtex

@techreport{fedbb91e22da4e24886c44377aeb7e2a,
title = "Model choice and size distribution: a Bayequentist approach",
abstract = "We propose a new three-step model-selection framework for size distributionsin empirical data. It generalizes a recent frequentist plausibility-of-t analysis(Step 1) and combines it with a relative ranking based on the Bayesian AkaikeInformation Criterion (Step 2). We enhance these statistical criteria with theadditional criterion of microfoundation (Step 3) which is to select the sizedistribution that comes with a dynamic micro model of size dynamics. Anumerical performance test of Step 1 shows that our generalization is ableto correctly rule out the distribution hypotheses unjustied by the data athand. We then illustrate our approach, and demonstrate its usefulness, with asample of commercial cattle farms in Namibia. In conclusion, the frameworkproposed here has the potential to reconcile the ongoing debate about sizedistribution models in empirical data, the two most prominent of which arethe Pareto and the lognormal distribution.",
keywords = "Economics, Nachhaltigkeits{\"o}konomie, Sustainability Economics",
author = "John-Oliver Engler and Stefan Baumg{\"a}rtner",
year = "2013",
month = feb,
day = "28",
language = "English",
series = "Working Paper Series in Economics",
publisher = "Institut f{\"u}r Volkswirtschaftslehre der Universit{\"a}t L{\"u}neburg",
number = "265",
type = "WorkingPaper",
institution = "Institut f{\"u}r Volkswirtschaftslehre der Universit{\"a}t L{\"u}neburg",

}

RIS

TY - UNPB

T1 - Model choice and size distribution: a Bayequentist approach

AU - Engler, John-Oliver

AU - Baumgärtner, Stefan

PY - 2013/2/28

Y1 - 2013/2/28

N2 - We propose a new three-step model-selection framework for size distributionsin empirical data. It generalizes a recent frequentist plausibility-of-t analysis(Step 1) and combines it with a relative ranking based on the Bayesian AkaikeInformation Criterion (Step 2). We enhance these statistical criteria with theadditional criterion of microfoundation (Step 3) which is to select the sizedistribution that comes with a dynamic micro model of size dynamics. Anumerical performance test of Step 1 shows that our generalization is ableto correctly rule out the distribution hypotheses unjustied by the data athand. We then illustrate our approach, and demonstrate its usefulness, with asample of commercial cattle farms in Namibia. In conclusion, the frameworkproposed here has the potential to reconcile the ongoing debate about sizedistribution models in empirical data, the two most prominent of which arethe Pareto and the lognormal distribution.

AB - We propose a new three-step model-selection framework for size distributionsin empirical data. It generalizes a recent frequentist plausibility-of-t analysis(Step 1) and combines it with a relative ranking based on the Bayesian AkaikeInformation Criterion (Step 2). We enhance these statistical criteria with theadditional criterion of microfoundation (Step 3) which is to select the sizedistribution that comes with a dynamic micro model of size dynamics. Anumerical performance test of Step 1 shows that our generalization is ableto correctly rule out the distribution hypotheses unjustied by the data athand. We then illustrate our approach, and demonstrate its usefulness, with asample of commercial cattle farms in Namibia. In conclusion, the frameworkproposed here has the potential to reconcile the ongoing debate about sizedistribution models in empirical data, the two most prominent of which arethe Pareto and the lognormal distribution.

KW - Economics

KW - Nachhaltigkeitsökonomie

KW - Sustainability Economics

M3 - Working papers

T3 - Working Paper Series in Economics

BT - Model choice and size distribution: a Bayequentist approach

PB - Institut für Volkswirtschaftslehre der Universität Lüneburg

CY - Lüneburg

ER -

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