The idea that simplicity matters in science is as old as science
itself, with the much cited example of Ockham's Razor, 'entia non
sunt multiplicanda praeter necessitatem': entities are not to be
multiplied beyond necessity. A problem with Ockham's razor is that
nearly everybody seems to accept it, but few are able to define its
exact meaning and to make it operational in a non-arbitrary way.
Using a multidisciplinary perspective including philosophers,
mathematicians, econometricians and economists, this 2002 monograph
examines simplicity by asking six questions: what is meant by
simplicity? How is simplicity measured? Is there an optimum
trade-off between simplicity and goodness-of-fit? What is the
relation between simplicity and empirical modelling? What is the
relation between simplicity and prediction? What is the connection
between simplicity and convenience? The book concludes with
reflections on simplicity by Nobel Laureates in Economics.
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