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Author Question: If a model fits reality but doesn't generate testable predictions, it is of little value to ... (Read 83 times)

bcretired

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on: Jul 1, 2018
If a model fits reality but doesn't generate testable predictions, it is of little value to economists.
 
  Indicate whether the statement is true or false

Question 2

Normative analysis offers decision makers the most valuable information when choosing among alternatives.
 
  Indicate whether the statement is true or false


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smrtceo

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Reply #1 on: Jul 1, 2018
Answer to Question 1

True
If the model doesn't deliver testable predictions it cannot be tested against competing models.

Answer to Question 2

False. Normative analysis states subjective goals but not how those goals can be achieved. To choose among alternatives decision maker uses positive analysis.


bcretired

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Reply #2 on: Jul 1, 2018
Correct answers!


smrtceo

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Reply #3 on: Jul 1, 2018
Great! Please up vote :D


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