Econometric Model Selection Procedures: A Survey
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In the second part of Chapter 1 we tried to provide the answers to some methodological questions related to the approach in economics. There, after a brief review, we outlined the approach to be followed in this book by saying that an economic theory is judged to be good if it, in some sense, adequately characterizes the data.
KeywordsMean Square Error Econometric Model Specification Error Random Part Lagrange Multiplier Test
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