Empirical modeling in dynamic econometrics (Q1083014): Difference between revisions
From MaRDI portal
Set profile property. |
Set OpenAlex properties. |
||
Property / full work available at URL | |||
Property / full work available at URL: https://doi.org/10.1016/0096-3003(86)90006-8 / rank | |||
Normal rank | |||
Property / OpenAlex ID | |||
Property / OpenAlex ID: W2023759353 / rank | |||
Normal rank |
Revision as of 22:19, 19 March 2024
scientific article
Language | Label | Description | Also known as |
---|---|---|---|
English | Empirical modeling in dynamic econometrics |
scientific article |
Statements
Empirical modeling in dynamic econometrics (English)
0 references
1986
0 references
The roles of evaluation, discovery, and theory in modeling economic time series are analyzed. Being reductions of data processes, models reflect economic behavior, filtered by the measurement system; the reductions entail a taxonomy of information sets and hence of selection criteria characterizing congruency. No method of model construction is necessarily valid, but search affects only research efficiency, not the intrinsic usefulness of a model. Moreover, critical evaluation remains justifiable, with predictive failure revealing the information content of tiny samples, and encompassing sustaining progressivity. Theory-models of starts and completions of private dwellings based on dynamized static equilibria and intertemporal optimization are contrasted. Empirical modeling illustrates the analysis.
0 references
evaluation
0 references
discovery
0 references
modeling economic time series
0 references
taxonomy of information sets
0 references
dynamized static equilibria
0 references
intertemporal optimization
0 references