Stochastic simulation as a validation tool for econometric models
AbstractThe complete validation of an econometric model is a process which involves a formidable number of activities in the various steps of model building, like economic structure specification, test of hypothesis and parameter estimation, simulation behaviour and decision making. Our attention will be mainly focussed on some aspects related to simulation and decision making; in particular, the purpose of this paper is to analyze some problems of the validation process for which stochastic simulation can be profitably used.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 21226.
Date of creation: 15 Sep 1977
Date of revision:
Econometric models; nonlinear simultaneous equations; stochastic simulation;
Find related papers by JEL classification:
- C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
- C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
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