Authors: Behl, Peter
Dette, Holger
Frondel, Manuel
Tauchmann, Harald
Title: Choice is suffering
Other Titles: a focused information criterion for model selection
Language (ISO): en
Abstract: In contrast to conventional measures, the Focused Information Criterion (FIC) allows the purpose-specific selection of models, thereby reflecting the idea that one kind of model might be appropriate for inferences on a parameter of interest, but not for another. Ever since its introduction, the FIC has been increasingly applied in the realm of statistics, but this concept appears to be virtually unknown in the economic literature. Using a straightforward analytical example, this paper illustrates the FIC and its usefulness in economic applications. JEL classification: C3, D2
Subject Headings: AKAIKE Information Criterion
SCHWARZ Information Criterion
Translog Cost Function
Issue Date: 2010-10-27
Appears in Collections:Sonderforschungsbereich (SFB) 823

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