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Can your model ever include enough variables though? In other words, you can stuff all the variables you want in there, but you will likely still have error -
by alexpetralia 8y ago
Can your model ever include enough variables though?
In other words, you can stuff all the variables you want in there, but you will likely still have error - especially with complex systems (regime switches, etc.) - that you did not put in your model. I think economists tried the "model stuffing" technique, and I'm not sure how much it helped in planning something as complex as the economy.
- mandelbrotwurst 8y agoWhile surely the answer is no for many systems, there are often still be insights to be gained from attempting to model things out as long as you recognize that it will never be perfect.
- arkades 8y ago>Can your model ever include enough variables though? Resiliency isn’t invincibility.