Re: Bayesians X classics

Raquel Guimarães wrote:
> Hi all!
>
> I'm an under-graduated student on Economics.
>
> I've enjoyed a lot this discussion list, while I've a large interest on
> Statistics and its applications on Economics: Econometrics...
>
> But I have a stupid question, that I have always no chance to ask a
> good statistician...

You come to the wrong place! The only "Good Bayesian", I.J.Good,
does not post in newsgroups.
>
> Here goes:
>
> What is the main difference between the classic and the bayesian
> approach? Here in my college, talking about Econometrics, some
> Professors says that bayesians makes the data seens to be "beautiful",
> and the world "perfect", adjusting everything in a probability
> distribution and this is not good for the study of Economical data,
> while it has not this behaviour (?)... However, many of then - who talk
> like this - have used this approach to spatial econometrics (!)

What you call the "classic" approach relies entirely on data. The
Bayesian approach CAN allow the analyst to say ANYTHING he
wants about the conclusion, regardless of what the data says, by
using his personal OPINION, which is called his "prior" (distribution).
That's why Econometricians like it, because even with being a
Bayesian, given the same data, the point all different directions if
you line them up end to end, as the saying goes.

Like the MBA Accounting grad who got his job when other
applicants failed when asked the question "What is 2 + 2?"
The Harvard, Stanford, Chicago, MIT, and other MBA graduates
from prestigeous Business School all gave the unimaginative
answer of "4", but this graduate fromYOUR school got the job
by answering, "What would YOU like the answer to be?"

Accountants are smarter than Econometricians. They can make
the answer to be anything even without being a Bayesian.


> Sorry for my terrible english and to bother you all...
>
> Greetings,
>
> Raquel
> MSN: raquelrguima@xxxxxxx

Raquel, you must read this post and other posts in this ng with large
grains of salt. My excuse this morning (your time) and (7 pm Korean
time) is that I've just got off a 15.5 hour non-stop flight from
Atlanta to
Seoul, Korea; killing some time in the Korean Airline Lounge, waiting
for the connecting flight (another 11 hours) to Auckland, NZ.

-- Reef Fish Bob.

.

Relevant Pages

  • Re: Bayesians X classics
    ... >> Statistics and its applications on Economics: Econometrics... ... The only "Good Bayesian", I.J.Good, ... which is called his "prior". ... Bayes risk is what should be considered. ...
    (sci.stat.edu)
  • Bayesians X classics
    ... Statistics and its applications on Economics: Econometrics... ... What is the main difference between the classic and the bayesian ... Professors says that bayesians makes the data seens to be "beautiful", ...
    (sci.stat.edu)