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Advances in Bayesian Time Series Modeling and the Study of Politics: Theory Testing, Forecasting and Policy Analysis |
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Abstract:
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Bayesian approaches to the study of politics are increasingly popular. But Bayesian approaches to modeling multiple time series have not been critically evaluated. This is in spite of the potential value of these models in international relations, political economy, and other fields of our discipline. We review recent developments in Bayesian multi-equation time series modeling in theory testing, forecasting, and policy analysis. Methods for constructing Bayesian measures of uncertainty of impulse responses (Bayesian shape error bands) are explained. A reference prior for these models that has proven useful in short and medium term forecasting in macroeconomics is described. Once modified to incorporate our experience analyzing political data and our theories, this prior can enhance our ability to forecast over the short and medium terms complex political dynamics like those exhibited by certain international conflicts. In addition, we explain how contingent Bayesian forecasts can be constructed, contingent Bayesian forecasts that embody policy counterfactuals. The value of these new Bayesian methods is illustrated in a reanalysis of the Israeli-Palestinian conflict of the 1980s. |
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prior (183), model (167), forecast (143), respons (142), zha (101), equat (95), sim (94), use (91), time (87), band (86), variabl (85), error (84), 1 (82), 2 (80), seri (73), bayesian (71), coeffici (67), 0 (65), condit (63), form (61), polici (60), |
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Association:
Name: The Midwest Political Science Association URL: http://www.indiana.edu/~mpsa/
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Citation:
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MLA Citation:
| Brandt, Patrick. and Freeman, John. "Advances in Bayesian Time Series Modeling and the Study of Politics: Theory Testing, Forecasting and Policy Analysis" Paper presented at the annual meeting of the The Midwest Political Science Association, Palmer House Hilton, Chicago, Illinois, Apr 07, 2005 <Not Available>. 2008-10-10 <http://www.allacademic.com/meta/p84531_index.html> |
APA Citation:
| Brandt, P. T. and Freeman, J. R. , 2005-04-07 "Advances in Bayesian Time Series Modeling and the Study of Politics: Theory Testing, Forecasting and Policy Analysis" Paper presented at the annual meeting of the The Midwest Political Science Association, Palmer House Hilton, Chicago, Illinois Online <.PDF>. 2008-10-10 from http://www.allacademic.com/meta/p84531_index.html |
Publication Type: Conference Paper/Unpublished Manuscript Review Method: Peer Reviewed Abstract: Bayesian approaches to the study of politics are increasingly popular. But Bayesian approaches to modeling multiple time series have not been critically evaluated. This is in spite of the potential value of these models in international relations, political economy, and other fields of our discipline. We review recent developments in Bayesian multi-equation time series modeling in theory testing, forecasting, and policy analysis. Methods for constructing Bayesian measures of uncertainty of impulse responses (Bayesian shape error bands) are explained. A reference prior for these models that has proven useful in short and medium term forecasting in macroeconomics is described. Once modified to incorporate our experience analyzing political data and our theories, this prior can enhance our ability to forecast over the short and medium terms complex political dynamics like those exhibited by certain international conflicts. In addition, we explain how contingent Bayesian forecasts can be constructed, contingent Bayesian forecasts that embody policy counterfactuals. The value of these new Bayesian methods is illustrated in a reanalysis of the Israeli-Palestinian conflict of the 1980s. |
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| Document Type: |
.pdf |
| Page count: |
41 |
| Word count: |
19747 |
| Text sample: |
| Advances in Bayesian Time Series Modeling and the Study of Politics: Theory Testing Forecasting and Policy Analysis Patrick T. Brandt John R. Freeman Department of Political Science Department of Political Science University of North Texas University of Minnesota E-mail: brandt@unt.edu E-mail: freeman@polisci.umn.edu March 28 2005 Abstract Bayesian approaches to the study of politics are increasingly popular. But Bayesian ap- proaches to modeling multiple time series have not been critically evaluated. This is in spite of the potential value of |
| John T. 1990. "The Political Manipulation of Macroeconomic Policy." American Political Science Review 84(3):767795. Williams John T. 1993. "Dynamic Change Specification Uncertainty and Bayesian Vector Autoregression Analysis." Political Analysis 4:97125. Williams John T. and Brian K. Collins. 1997. "The Political Economy of Corporate Taxation." American Journal of Political Science 41(1):208244. 40 Zellner Arnold. 1971. An Introduction to Bayesian Inference in Econometrics. New York: Wiley Interscience. Zha Tao. 1998. "A Dynamic Multivariate Model for the Use of Formulating Policy." Economic |
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