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Empirical models? That's not very Serious.

but I suppose they model all the entities as rational actors with perfect knowledge... That would be the Serious thing to do.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Fri Apr 8th, 2011 at 11:31:08 AM EST
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You can make Serious models with imperfect information, as long as you don't try to do it as an undergrad. You need to be properly indoctrinated what model behaviour to aim for, or you might end up modelling imperfect information in a manner that is too close to how it actually operates in the real world.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Apr 8th, 2011 at 11:38:39 AM EST
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That would lack elegance and so be Wrong.
by afew (afew(a in a circle)eurotrib_dot_com) on Fri Apr 8th, 2011 at 11:48:51 AM EST
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