Using predictive methods to assess observation and measure importance

William M. Briggs

Asian Journal of Economics and Banking, 2024, vol. 8, issue 3, 354-365

Abstract: Purpose - This study aims to find suitable replacements for hypothesis testing and variable-importance measures. Design/methodology/approach - This study explores under-used predictive methods. Findings - The study's hypothesis testing can and should be replaced by predictive methods. It is the only way to know if models have any value. Originality/value - This is the first time predictive methods have been used to demonstrate measure and variable importance. Hypothesis testing can never prove the goodness of models. Only predictive methods can.

Keywords: Bayes factors; Hypothesis testing; Predictive modeling; Replication crisis; C4; C5 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ajebpp:ajeb-05-2024-0066

DOI: 10.1108/AJEB-05-2024-0066

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