Search Results
Title: Exploring the Usefulness of a Nonrandom Holdout Sample for Model Validation: Welfare Effects On Female Behavior
Resulting in 1 citation.
1. |
Keane, Michael P. Wolpin, Kenneth I. |
Exploring the Usefulness of a Nonrandom Holdout Sample for Model Validation: Welfare Effects On Female Behavior International Economic Review 48,4 (November 2007): 1351-1378. Also: http://onlinelibrary.wiley.com/doi/10.1111/j.1468-2354.2007.00465.x/abstract Cohort(s): NLSY79 Publisher: U.S. International Trade Commission Keyword(s): Behavior; Welfare; Women A particularly challenging use of decision-theoretic models in economics is to forecast the impact of large changes in the environment. The problem we explore in this article is how to gain confidence in a model's ability to predict the impact of such large changes. We show that an approach to validation and model selection that includes the choice of a "on random holdout sample," a sample that differs significantly from the estimation sample along the policy dimension that the model is meant to forecast, can be fruitful. |
|
Bibliography Citation
Keane, Michael P. and Kenneth I. Wolpin. "Exploring the Usefulness of a Nonrandom Holdout Sample for Model Validation: Welfare Effects On Female Behavior." International Economic Review 48,4 (November 2007): 1351-1378.
|