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Choice is Suffering: A Focused Information Criterion for Model Selection Activation Program for Disadvantaged Youths

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  • Manuel Frondel

    ()

  • Peter Behl
  • Holger Dette
  • Harald Tauchmann

Abstract

In contrast to conventional measures, the Focused Information Criterion (FIC) allows the purpose-specific selection of models, thereby reflecting the idea that one kind of model might be appropriate for inferences on a parameter of interest, but not for another. Ever since its invention, the FIC has been increasingly applied in the realm of statistics, but this concept appears to be virtually unknown in the economic literature. Using a straightforward analytical example, this paper provides for a didactic illustration of the FIC and shows its usefulness in economic applications.

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File URL: http://repec.rwi-essen.de/files/REP_11_250.pdf
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Bibliographic Info

Paper provided by Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen in its series Ruhr Economic Papers with number 0250.

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Length: 15 pages
Date of creation: Apr 2011
Date of revision:
Handle: RePEc:rwi:repape:0250

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Related research

Keywords: AKAIKE Information Criterion; SCHWARZ Information Criterion; Translog Cost Function;

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  1. Frondel, Manuel & Schmidt, Christoph M., 2001. "Rejecting Capital-Skill Complementarity at all Costs," IZA Discussion Papers 316, Institute for the Study of Labor (IZA).
  2. Holger Dette & Mark Podolskij & Mathias Vetter, 2006. "Estimation of Integrated Volatility in Continuous-Time Financial Models with Applications to Goodness-of-Fit Testing," Scandinavian Journal of Statistics, Danish Society for Theoretical Statistics & Finnish Statistical Society & Norwegian Statistical Association & Swedish Statistical Association, vol. 33(2), pages 259-278.
  3. Manuel Frondel & Christoph M. Schmidt, 2002. "The Capital-Energy Controversy: An Artifact of Cost Shares?," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 53-79.
  4. Dette, Holger & Podolskij, Mark, 2008. "Testing the parametric form of the volatility in continuous time diffusion models--a stochastic process approach," Journal of Econometrics, Elsevier, vol. 143(1), pages 56-73, March.
  5. Peter Kennedy, 2003. "A Guide to Econometrics, 5th Edition," MIT Press Books, The MIT Press, edition 5, volume 1, number 026261183x, January.
  6. Manuel Frondel & Christoph M. Schmidt, 2006. "The Empirical Assessment of Technology Differences: Comparing the Comparable," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 186-192, February.
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