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The Unscientific Incompleteness and Bias of Unidirectional Projections (= Regressions): A Questionnaire

Author

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  • Cornelis A Los

Abstract

Why do statisticians (econometricians, economists, financial analysts, etc.) continue to incompletely identify the algebraic/geometric structure of the multi-variate data series they profess to analyze, and instead continue to publish the results of incomplete, prejudiced and biased unidirectional projections (= 'regressions') of such covariance structures? Such incomplete, prejudiced and biased representations cannot lead to scientific knowledge, as has been demonstrated already more than twenty years ago.

Suggested Citation

  • Cornelis A Los, 2004. "The Unscientific Incompleteness and Bias of Unidirectional Projections (= Regressions): A Questionnaire," Econometrics 0410011, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpem:0410011
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/em/papers/0410/0410011.pdf
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    References listed on IDEAS

    as
    1. Cornelis A. Los, 1987. "Identification of a linear system from inexact data: a three variable example," Research Paper 8703, Federal Reserve Bank of New York.
    2. Los, Cornelis A., 1999. "Galton's Error and the under-representation of systematic risk," Journal of Banking & Finance, Elsevier, vol. 23(12), pages 1793-1829, December.
    3. R.E. Kalman & C.A. Los, 1987. "The prejudices of least squares, principal components and common factor schemes," Research Paper 8701, Federal Reserve Bank of New York.
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    Cited by:

    1. Cornelis Los, 2004. "Measuring the Degree of Efficiency of Financial Market," Finance 0411003, University Library of Munich, Germany.

    More about this item

    Keywords

    system identification; noisy data; regression analysis; projection; incompleteness; prejudice; bias;

    JEL classification:

    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
    • C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics
    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs

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