Bayesian Model Averaging (BMA) allows for any kind of model prior distributions. While the R package BMS has built-in support for several types of commonly used priors, there may be the need for constructing a custom model prior in a particular exerci... [Read more...]

In their paper Model uncertainty in cross-country growth regressions (Journal of Applied Econometrics 2001), Fernández, Ley and Steel (FLS) demonstrate the use of Bayesian Model Averaging (BMA) for a cross-section economic growth data set. This tutor... [Read more...]

This text 'pedagocially' explains how the bms function works code-wise and is intended for people who prefer to program customized adjustments of the bms package. bms is the workhorse function to do the sampling part of Bayesian Model Averaging in the... [Read more...]