A Multi-Criteria Approach To Model Specification And Estimation
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1995
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Tesfatsion, Leigh
Professor Emeritus
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Economics
Abstract
Why have multicriteria decision making (MCDM) techniques played only a minor role in econometric and statistical methodology to date? On the surface, this minor role is surprising. Every postulated theoretical relation is almost surely false. A cross-sectional function for household demand may be misspecified as linear rather than nonlinear.