Title: Economic Interdependence and Statistical Analysis (in <i>Studies in Mathematical Economics and Econometrics – In Memory of Henry Schultz</i>, O. Lange <i>et al</i>. (eds.), University of Chicago Press, Chicago, 1942, pp. 135–50)
Abstract: Economic equations derived from experience, like Henry Schultz's demand curves for agricultural commodities, have, or strive to attain, this practical importance: they should make it possible to estimate the values which one of the variables, the ‘predictand’ (e.g., demand), will assume when other variables, the ‘predictors’ (e.g., income and price), are made to assume given values. There is, however, a proviso, silently admitted in this as in any other inductive work, whether quantitative or not. If we use the word ‘magnitude’ in a broad sense to include characteristics which can assume the values ‘presence’ or ‘absence’ but which cannot be measured; and if we use the words ‘observation period’ and ‘prediction period’ so as to include observations and predictions not only over time but, for example, within and between geographical areas (or any other samples), then we can formulate the proviso as follows.
Publication Year: 1995
Publication Date: 1995-09-07
Language: en
Type: book-chapter
Indexed In: ['crossref']
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Cited By Count: 1
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