The Bayesian Analysis and Modeling Research Group (BAM RG) aims to support and enhance research opportunities for its members through a range of activities and provide a forum for advanced training.
Its members are experts in their particular fields, and come from several departments, including the Melbourne Institute of Applied Economic and Social Research (MIAESR), Department of Economics and the Melbourne Business School within the Faculty of Business and Economics. The faculty possesses substantial research interest on Bayesian methods, and collectively, it has published over eighty papers in the area of Bayesian analysis and modeling. The group consists of faculty members at all levels, including several professors and an ARC research fellow.
Bayesian methods and modeling are rapidly emerging as crucial tools across several economics and business disciplines. The development of Bayesian statistical techniques, together with progress in computing technology, have opened the possibility of estimating interesting and complex models when alternative methods cannot be used. Therefore, Bayesian methods are rapidly being adopted by researchers and practitioners in economics, finance, marketing and elsewhere. Bayesian analysis has made significant contributions to empirical macroeconomics, finance, choice-modeling, marketing science, time series analysis, economic and business forecasting, productivity analysis, nonparametric analysis and other areas.