Work

Examination the Performances of Maximum Likelihood Method and Bayesian Approach in Estimating Sales Level

Year: 2016

Type: article

Abstract: The method of maximum likelihood and Bayesian method are widely used in data processing, not only in economics but also in other fields of research. In order to identify which approach has better performances, these methods are analyzed on the selected economic data. By comparing the estimated values obtained by applying the maximum likelihood method and Bayesian method on the data that was taken from the company CaliVita Int., it was concluded that the Bayesian inference with informative priors gives more accurate estimates.

Source: Facta Universitatis Series Economics and Organization

Authors: Nataša Papić-Blagojević, Vinko Lepojević, Sanja Lončar

Institutions: University of Novi Sad, University of Nis

Language: English

Topic: Statistical Methods and Bayesian Inference

Subfield: Statistics and Probability

Field: Mathematics

Domain: Physical Sciences

Open Access status: diamond

OpenAlex ID: W2296213902

FWCI:

Cites: 16

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Related to: 10