Jump to ContentJump to Main Navigation
Empirical Model Discovery and Theory EvaluationAutomatic Selection Methods in Econometrics$
Users without a subscription are not able to see the full content.

David F. Hendry and Jurgen A. Doornik

Print publication date: 2014

Print ISBN-13: 9780262028356

Published to MIT Press Scholarship Online: January 2015

DOI: 10.7551/mitpress/9780262028356.001.0001

Show Summary Details
Page of

PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 27 June 2022

Discovery

Discovery

Chapter:
(p.17) 2 Discovery
Source:
Empirical Model Discovery and Theory Evaluation
Author(s):

David F. Hendry

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262028356.003.0002

This chapter begins by discussing some of the many ways in which discoveries have been made in physical and biological sciences. There seem to be seven common aspects of such discoveries and their subsequent evaluations. Despite important differences, discovery and evaluation in economics are similar to those of other sciences, and the same seven common aspects can be discerned. The complexity of macroeconomic data intrinsically involves empirical discovery with theory evaluation, as well as requiring rigorous evaluation of selected models to ascertain their viability. Directly fitting a theory-specified model limits the potential for discovery. Retrospectively, covert discovery has been common in empirical econometrics.

Keywords:   Scientific discovery, empirical discovery, theory evaluation

MIT Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.