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Simplicity in econometric modelling: some methodological considerations

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  • Bernd Hayo

Abstract

It is shown how simplicity in econometric modelling can be defended from three different methodological positions, a 'traditional scientific', a rhetorical and a hermeneutical one. Moreover, it is argued that the claim of methodological superiority by supporters of general-to-specific modelling is largely rhetorics. In practice there does not exist a viable alternative to simple modelling in empirical economics.

Suggested Citation

  • Bernd Hayo, 1998. "Simplicity in econometric modelling: some methodological considerations," Journal of Economic Methodology, Taylor & Francis Journals, vol. 5(2), pages 247-261.
  • Handle: RePEc:taf:jecmet:v:5:y:1998:i:2:p:247-261 DOI: 10.1080/13501789800000015
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    Citations

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    Cited by:

    1. Bernd Hayo, 2000. "The demand for money in Austria," Empirical Economics, Springer, pages 581-603.
    2. Hayo, Bernd, 1999. "Estimating a European Demand for Money," Scottish Journal of Political Economy, Scottish Economic Society, pages 221-244.
    3. Hayo, Bernd, 2004. "Public support for creating a market economy in Eastern Europe," Journal of Comparative Economics, Elsevier, pages 720-744.
    4. Bernd Hayo, 1999. "The Demand For Money In Austria," Macroeconomics 9902012, EconWPA.
    5. Hayo, Bernd & Seifert, Wolfgang, 2003. "Subjective economic well-being in Eastern Europe," Journal of Economic Psychology, Elsevier, vol. 24(3), pages 329-348, June.
    6. Bernd Hayo, 2017. "On Standard-Error-Decreasing Complementarity: Why Collinearity is Not the Whole Story," MAGKS Papers on Economics 201703, Philipps-Universit├Ąt Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    7. Bernd Hayo, 2000. "The demand for money in Austria," Empirical Economics, Springer, pages 581-603.

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