Alternative Approaches to Model Choice

Journal of Economic Behavior & Organization, Vol. 14, pp. 97-125, 1990

University of Alberta School of Business Research Paper No. 2013-274

Posted: 28 May 2013 Last revised: 30 May 2013

See all articles by Alice Orcutt Nakamura

Alice Orcutt Nakamura

University of Alberta - School of Business

Masao Nakamura

University of British Columbia (UBC) - Sauder School of Business

Harriet Orcutt Duleep

College of William & Mary - Policy School

Date Written: September 10, 1989

Abstract

Accepted model choice procedures are characterized. Problems concerning the determination of significance levels for multiple tests, Type II errors for specification error tests, and the use of point null hypotheses are reviewed. The potential gains from greater reliance on sensitivity analysis, incorporation of uncertain prior information, and experimentation are discussed. Attention is turned then to models which are explicitly approximations, and to the need, in this context, for choice procedures that provide a basis for ranking models in terms of the relative goodness of the approximations they provide.

Suggested Citation

Nakamura, Alice Orcutt and Nakamura, Masao and Duleep, Harriet Orcutt, Alternative Approaches to Model Choice (September 10, 1989). Journal of Economic Behavior & Organization, Vol. 14, pp. 97-125, 1990, University of Alberta School of Business Research Paper No. 2013-274, Available at SSRN: https://ssrn.com/abstract=2270788

Alice Orcutt Nakamura (Contact Author)

University of Alberta - School of Business ( email )

2-32C Business Building
Edmonton, Alberta T6G 2R6
Canada

Masao Nakamura

University of British Columbia (UBC) - Sauder School of Business ( email )

2053 Main Mall
Vancouver, BC V6T 1Z2
Canada
604-822-8434 (Phone)
604-822-8477 (Fax)

Harriet Orcutt Duleep

College of William & Mary - Policy School ( email )

P.O. Box 8795
Williamsburg, VA 23185
United States

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