Economics Dictionary of ArgumentsHome
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| Calibration: Calibration in economics is a method of assigning values to model parameters so that the model closely replicates real-world data. Unlike estimation, it uses observed values directly rather than statistical inference. Calibration is commonly used in dynamic macroeconomic and computable general equilibrium (CGE) models to analyze policy impacts and economic behavior. See also Models, Model theory._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Anthony J. Venables on Calibration - Dictionary of Arguments
Krugman III 42 Calibration/theories/international trade/Venables: For given parameters, each theory predicts different levels of output and volumes of trade. The calibration procedure turns this around; data are available on levels of output and trade and on some parameters of the industry. Different theories then imply different values of unobserved parameters in order to support observations on the industry as an equilibrium. Observation/data: Of course, if there were sufficient observations one might reject some theories in favor of others. Calibration does not attempt this, but merely solves for unobserved parameters. Anthony J. Venables. „Trade Policy under Imperfect Competition: A Numerical Assessment.“In: Paul Krugman and Alasdair Smith (Eds.) 1994. Empirical Studies of Strategic Trade Policy. Chicago: The University of Chicago Press._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Venables, Anthony J. EconKrug I Paul Krugman Volkswirtschaftslehre Stuttgart 2017 EconKrug II Paul Krugman Robin Wells Microeconomics New York 2014 Krugman III Paul Krugman Alasdair Smith Empirical Studies of Strategic Trade Policy Chicago: The University of Chicago Press 1994 |
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