Process of choosing a model specification

Reference no: EM131028448

A prominent social scientist describes the process of choosing a model specification as follows.

"We begin with a specification that is suggested by prior theory and the question that is being addressed. Then we fit the model to the data. If this produces no useful results, we modify the specification and try again, with the objective of getting a better fit. In short, theinitial specification is tested before being accepted as the correct model. Thus, the proof of specification is in the results." Discuss briefly.

Reference no: EM131028448

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