Mark F J Steel

Biographic Data

ID4447113
NAMEMark F J Steel
GIVEN NAMESMark F J
FAMILY NAMESteel
SIGNATURESTEEL M F J
AFFILIATIONSTilburg University
ORCID0000-0001-9858-9279
VERIFIEDYes
TOTAL WORKS11
TOTAL CITATIONS13
WORKS AS AUTHOR11
WORKS AS EDITOR0
FIRST PUBLICATION YEAR1994
LATEST PUBLICATION YEAR2010
H-INDEX1

  • Model-Based Clustering of Non-Gaussian Panel Data Based on Skew- t Distributions

    Miguel A Juárez, Mark F J SteelARTICLEJournal of Business and Economic…2010

    We propose a model-based method to cluster units within a panel. The underlying model is autoregressive and non-Gaussian, allowing for both skewness and fat tails, and the units are clustered according to their dynamic behavior, equilibrium level, and the effect of covariates. Inference is addressed from a Bayesian perspective, and model comparison is conducted using Bayes factors. Particular attention is paid to prior elicitation and posterior p…

  • The Privatisation of Public Space? The American Experience of Business Improvement Districts and their Relationship to Local Governance

    M Steel, Mark F J Steel et al.ARTICLELocal Government Studies2005Cited by: 13References: 6

    Legislation is currently in progress to enable Local Authorities to set up Business Improvement Districts (BIDs). These evolved in the United States in the 1980s and 1990s as a response to urban decline and decreasing levels of government funding. They are voluntary associations of local businesses which volunteer to levy a ‘tax’ upon themselves. This fund is used to improve the local area and acts as a supplement to the money already spent by th…

  • Bayesian Analysis of Interval Data Contingent Valuation Models and Pricing Policies

    Carmen Fernandez, Carmelo J León et al.ARTICLEJournal of Business and Economic…2004

    The general aim of a contingent valuation survey is to elicit the willingness to pay (WTP) of respondents for some (public) commodity without a clear market price. This could be a program to protect some environmental resource or, as in our application, the access to a recreational area of particular interest. In this context, we want to accommodate the possibility of zero WTP and we need to deal with the fact that observations arise as intervals…

  • Model uncertainty in cross‐country growth regressions

    Open AccessCarmen Fernandez, Eduardo Ley et al.ARTICLEJournal of Applied Econometrics2001

    We investigate the issue of model uncertainty in cross‐country growth regressions using Bayesian Model Averaging (BMA). We find that the posterior probability is spread widely among many models, suggesting the superiority of BMA over choosing any single model. Out‐of‐sample predictive results support this claim. In contrast to Levine and Renelt ( 1992 ), our results broadly support the more ‘optimistic’ conclusion of Sala‐i‐Martin ( 1997b ), name…

  • Modeling the Sources of Output Growth in a Panel of Countries

    Gary Koop, Jacek Osiewalski et al.ARTICLEJournal of Business and Economic…2000

    This article seeks to improve understanding of cross-country patterns of economic growth. It adopts a stochastic production-frontier model that allows for the decomposition of output change into input, efficiency, and technical change. The production frontier is assumed to depend on effective inputs rather than measured inputs. We develop a model in which effective inputs depend on observed factor use and a correction term that depends on variabl…

  • Bayesian Analysis of the Prototypal Search Model

    Nicholas M Kiefer, Mark F J SteelARTICLEJournal of Business and Economic…1998

    Bayesian analysis for a simple but widely applied dynamic programming model is obtained. The setting is the prototypal job-search model. The general case of wage and duration data, with potential censoring, is studied. The optimality condition implied by the dynamic programming setup is fully imposed. The posterior distribution reveals a “ridge” reflecting the characteristic nonstandard nature of the inference problem. Marginal distributions and …

  • On the Estimation of Demand Systems Through Consumption Efficiency

    Eduardo Ley, Mark F J SteelARTICLEThe Review of Economics and…1996

    We consider a Bayesian implementation of a new approach to estimating Demand Systems. This approach, suggested by Varian (1990), is based on a generalization of Afriat's (1967) e-ciency index. The model we propose leads to a very tractable posterior and predictive analysis, yet allows for interesting economic interpretations. We conduct a sensitivity analysis with respect to the prior in an application to annual aggregate U.S. consumption data, a…

  • A Decision-Theoretic Analysis of the Unit-Root Hypothesis Using Mixtures of Elliptical Models

    Gary Koop, Mark F J SteelARTICLEJournal of Business and Economic…1994

    This paper develops a formal decision theoretic approach to testing for a unit root in economic time series. The approach is empirically implemented by specifying a loss function based on predictive variances; models are chosen so as to minimize expected loss. In addition, the paper broadens the class of likelihood functions traditionally considered in the Bayesian unit root literature by: i) Allowing for departures from normality via the specifi…

  • Bayesian Efficiency Analysis With a Flexible Form

    Gary Koop, Jacek Osiewalski et al.ARTICLEJournal of Business and Economic…1994

    In this article we describe the use of Gibbs sampling methods for drawing posterior inferences in a cost frontier model with an asymptotically ideal price aggregator, nonconstant returns to scale, and composed error. An empirical example illustrates the sensitivity of efficiency measures to assumptions made about the functional form of the frontier. We also examine the consequences of imposing regularity through parametric restrictions alone

  • Estimating End-use Demand

    Luc Bauwens, Denzil G Fiebig et al.ARTICLEJournal of Business and Economic…1994

    Eliminating negative end-use or appliance-consumption estimates and incorporating direct-metering information into the process of generating these estimates—these are two important aspects of conditional demand analysis that will be the focus of this article. In both cases a Bayesian approach seems a natural way of proceeding. What needs to be investigated is whether it is also a viable and effective approach. In addition, such a framework natura…

  • Posterior Properties of Long-Run Impulse Responses

    Gary Koop, Jacek Osiewalski et al.ARTICLEJournal of Business and Economic…1994

    This article describes an exact, small-sample, Bayesian analysis of impulse response functions. We show how many common priors imply that posterior densities for impulse responses at long horizons have no moments. Our results indicate that impulse responses should be assessed on the basis of their full posterior densities and that standard estimates such as posterior means, variances, or modes may be very misleading