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...Expand abstract
- Discussion paper series
- Publication date:
- Local pid:
- Copyright date:
Empirical Economic Model Discovery and Theory Evaluation.
Views and Downloads
If you are the owner of this record, you can report an update to it here: Report update to this record