On not evaluating economic models by forecast outcomes

<p style="text-align:justify;"> Even in scientific disciplines, forecast failures occur. Four possible states of nature (a model is good or bad, and it forecasts well or badly) are examined using a forecast-error taxonomy, which traces the many possible sources of forecast errors....

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Bibliographic Details
Main Authors: Castle, J, Hendry, D
Format: Working paper
Published: University of Oxford 2011