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Model Validation: An Overview with some Emphasis on Risk Models

  • McCarl, Bruce A.

Model validation is a topic which has a long history in the literature This article attempts to focus much of the previous discussion upon agricultural economics models. True model validation is not possible. Nevertheless, model validation exercises improve the relevancy of models and strengthen the theoretical oasis for modelling. Procedures are given for conducting validation exercises and for dealing with models which fail such exercises. In addition. comments appear on considerations involved with the validation of risk models.

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File URL: http://purl.umn.edu/12282
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Article provided by Australian Agricultural and Resource Economics Society in its journal Review of Marketing and Agricultural Economics.

Volume (Year): 52 (1984)
Issue (Month): 03 (December)
Pages:

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Handle: RePEc:ags:remaae:12282
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  1. Lars Brink & Bruce McCari, 1979. "The Adequacy of a Crop Planning Model for Determining Income, Income Change, and Crop Mix," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 27(3), pages 13-25, November.
  2. Renato G. Pieri & Karl D. Meilke & T. Gordon MacAulay, 1977. "North American-Japanese Pork Trade: An Application Of Quadratic Programming," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 25(2), pages 61-79, 07.
  3. Lee, B.M.S. & Bui-Lan, Anh, 1982. "Use Of Errors Of Prediction In Improving Forecast Accuracy: An Application To Wool In Australia," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 26(01), April.
  4. McCarl, Bruce A. & Apland, Jeffrey, 1986. "Validation Of Linear Programming Models," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 18(02), December.
  5. B.M.S. Lee & Anh Bui‐Lan, 1982. "Use Of Errors Of Prediction In Improving Forecast Accuracy: An Application To Wool In Australia," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 26(1), pages 49-62, 04.
  6. Rich, M.M., 1981. "The Policy Implications Of Possible New Zealand Wheat Pricing Schemes," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 25(03), December.
  7. Lins, David A. & Gabriel, Stephen C. & Sonka, Steven T., 1981. "An Analysis Of The Risk Aversion Of Farm Operators: An Asset Portfolio Approach," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 6(01), July.
  8. Thomas H. Naylor & J. M. Finger, 1967. "Verification of Computer Simulation Models," Management Science, INFORMS, vol. 14(2), pages B92-B101, October.
  9. Reynolds, R.G. & Gardiner, B., 1980. "Supply Response In The Australian Sheep Industry: A Case For Disaggregation And Dynamics," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(03), December.
  10. R.G. Reynolds & B. Gardiner, 1980. "Supply Response In The Australian Sheep Industry: A Case For Disaggregation And Dynamics," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 196-209, December.
  11. M. M. Rich, 1981. "The Policy Implications Of Possible New Zealand Wheat Pricing Schemes," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 25(3), pages 266-274, December.
  12. B. Curtis Eaves, 1971. "On Quadratic Programming," Management Science, INFORMS, vol. 17(11), pages 698-711, July.
  13. David W. Conrath, 1973. "From Statistical Decision Theory to Practice: Some Problems with the Transition," Management Science, INFORMS, vol. 19(8), pages 873-883, April.
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