Modelplasticity and Abductive Decision Making

Subhadeep and Mukhopadhyay
Additional contact information
Subhadeep: DEEP

Papers from arXiv.org

Abstract: `All models are wrong but some are useful' (George Box 1979). But, how to find those useful ones starting from an imperfect model? How to make informed data-driven decisions equipped with an imperfect model? These fundamental questions appear to be pervasive in virtually all empirical fields -- including economics, finance, marketing, healthcare, climate change, defense planning, and operations research. This article presents a modern approach (builds on two core ideas: abductive thinking and density-sharpening principle) and practical guidelines to tackle these issues in a systematic manner.

Date: 2022-03, Revised 2023-03
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://arxiv.org/pdf/2203.03040 Latest version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2203.03040

Access Statistics for this paper

More papers in Papers from arXiv.org
Bibliographic data for series maintained by arXiv administrators ().