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Scientific Standards in Econometric Modeling

  • C. A. Sims
Chapter

Abstract

The increasing scale, complexity, and practical success of econometric modelling in recent years requires a rethinking of its foundations. Econometricians have made do with a formal description of the nature and objectives of their work which relies too heavily on the example of the experimental sciences, and thereby gives an incomplete and misleading picture. As a result, we have shown occasional confusion in judging or setting standards for empirical work. Perhaps worse, we have left ourselves open to apparently devastating criticism.

Keywords

Probability Model Econometric Modeling Rational Expectation Experimental Science Forecast Performance 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© D. Reidel Publishing Company 1982

Authors and Affiliations

  • C. A. Sims
    • 1
  1. 1.University of MinnesotaUSA

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