Question
economists look at evidence to test whether a model is useful or not. Real-world data are examined to see if they conform to the predictions
economists look at evidence to test whether a model is useful or not. Real-world data are examined to see if they conform to the predictions of the model. A model is good if it generates usable predictions and implications for the real world. A model that predicts better is generally considered a better model. Which model from the reading did you find most useful?
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Empirical Testing Economists use empirical analysis to test economic models They gather realworld da...
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John E Freunds Mathematical Statistics With Applications
Authors: Irwin Miller, Marylees Miller
8th Edition
978-0321807090, 032180709X, 978-0134995373
