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  3. Simplicity, Inference and Modelling
  • Cited by 21
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    • Publisher:
      Cambridge University Press
      Publication date:
      22 September 2009
      07 February 2002
      ISBN:
      9780511493164
      9780521803618
      9780521121354
      DOI:
      https://doi.org/10.1017/CBO9780511493164
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.63kg, 314 Pages
      Dimensions:
      (229 x 152 mm)
      Weight & Pages:
      0.47kg, 316 Pages
      • Subjects:
      Economics, Econometrics and Mathematical Methods
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    • Selected: Digital
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    Subjects:
    Economics, Econometrics and Mathematical Methods
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    Book description

    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.

    Reviews

    "This lively and informative exposition of several points of view...will make this book pleasurable reading for not only philosophers of science and epistemologists, but also for those data analysts interested in formalizing the foundations that guide and shape their modeling practices." Journal of American Statistical Association

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