Simplicity in econometric modelling: some methodological considerations
Bernd Hayo ()
Journal of Economic Methodology, 1998, vol. 5, issue 2, 247-261
It is shown how simplicity in econometric modelling can be defended from three different methodological positions, a 'traditional scientific', a rhetorical and a hermeneutical one. Moreover, it is argued that the claim of methodological superiority by supporters of general-to-specific modelling is largely rhetorics. In practice there does not exist a viable alternative to simple modelling in empirical economics.
Keywords: Economic methodology; simplicity; econometric modelling (search for similar items in EconPapers)
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