Procrustean Econometrics: Stretching and Squeezing Data
AbstractRecent concern about the inadequacies of econometric models has led not only to the search for causes, but also to the proposal of constructive remedies for these difficulties. In this paper we analyse the links between econometric modelling methodologies and the performance of econometric models. We comment on a number of the constructive modelling strategies that have been proposed, and emphasise the importance of evaluating models, especially by checking whether they are congruent with the available information. This process of model evaluation is destructive rather than constructive, and the criteria it employs form a set of necessary, not sufficient, conditions for model adequacy.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 68.
Date of creation: Oct 1985
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- Kevin D. Hoover & Stephen J. Perez, .
"Data Mining Reconsidered: Encompassing And The General-To-Specific Approach To Specification Search,"
Department of Economics
97-27, California Davis - Department of Economics.
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- Kevin Hoover & Stephen J. Perez, 2003. "Data Mining Reconsidered: Encompassing And The General-To-Specific Approach To Specification Search," Working Papers 9727, University of California, Davis, Department of Economics.
- Adam Fforde, 2004. "Persuasion: Reflections on Economics, Data and the 'Homogeneity Assumption'," Department of Economics - Working Papers Series 919, The University of Melbourne.
- Adam Fforde, 2005. "Persuasion: Reflections on economics, data, and the 'homogeneity assumption'," Journal of Economic Methodology, Taylor & Francis Journals, vol. 12(1), pages 63-91.
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