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Empirical Economic Model Discovery and Theory Evaluation.

Abstract:

Economies are so high dimensional and non-constant that many features of models cannot be derived by prior reasoning, intrinsically involving empirical discovery and requiring theory evaluation. Despite important differences, discovery and evaluation in economics are similar to those of science. Fitting a pre-specified equation limits discovery, but automatic methods can formulate much more general models with many variables, long lag lengths and non-linearities, allowing for outliers, data...

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Volume:
529
Series:
Discussion paper series
Publication date:
2011-02-05
URN:
uuid:2dc1af65-c0be-46e0-8ac6-096f705c8418
Local pid:
oai:economics.ouls.ox.ac.uk:15069
Language:
English

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