Haavelmo’s 1944 monograph, The Probability Approach in
Econometrics, is widely acclaimed as the manifesto of econometrics.
This book challenges Haavelmo’s probability approach, shows how
its use is delivering defective and inefficient results, and argues
for a paradigm shift in econometrics towards a full embrace of
machine learning, with its attendant benefits. Machine learning has
only come into existence over recent decades, whereas the
universally accepted and current form of econometrics has developed
over the past century. A comparison between the two is, however,
striking. The practical achievements of machine learning
significantly outshine those of econometrics, confirming the
presence of widespread inefficiencies in current econometric
research. The relative efficiency of machine learning is based on
its theoretical foundation, and particularly on the notion of
Probably Approximately Correct (PAC) learning. Careful examination
reveals that PAC learning theory delivers the goals of applied
economic modelling research far better than Haavelmo’s
probability approach. Econometrics should therefore renounce its
outdated foundation, and rebuild itself upon PAC learning theory so
as to unleash its pent-up research potential. The book is catered
for applied economists, econometricians, economists specialising in
the history and methodology of economics, advanced students,
philosophers of social sciences.
General
| Imprint: |
Taylor & Francis
|
| Country of origin: |
United Kingdom |
| Series: |
Routledge INEM Advances in Economic Methodology |
| Release date: |
November 2023 |
| First published: |
2024 |
| Authors: |
Duo Qin
|
| Dimensions: |
234 x 156mm (L x W) |
| Pages: |
112 |
| ISBN-13: |
978-1-03-258605-2 |
| Categories: |
Books
Promotions
|
| LSN: |
1-03-258605-2 |
| Barcode: |
9781032586052 |
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!
Welcome to Loot.co.za!
Sign in / Register |Wishlists & Gift Vouchers |Help | Advanced search
(7)
