August 2013
Beginner to intermediate
672 pages
22h 30m
English
Content preview from Handbook of Economic Forecasting
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5.2 Stepwise Procedures
As noted above, a weakness of the White (2000), Hansen (2005), and other one-shot testing procedures is that they only inform the user whether or not their exists a competing model that is more accurate than the baseline model. No additional information is given that tells the user if there is more than one model that is more accurate. As a practical matter it might be useful to know which models are more accurate. For example, suppose that the competing “models” are various trading rules and the baseline is a no-change position in a particular asset market. While it is certainly useful to know that one of the models is better than the baseline for forming asset allocation decisions, it would be even better to be able ...
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