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Validation of stochastic models: Some perspectives

Validation of stochastic models: Some perspectives Abstract The focus of the paper is the process of model validation. The discussion illustrates some problems encountered in validating stochastic models, with special reference to market behavior models. A brief discussion of some important dimensions of model validation are presented. The discussion focuses on the role of simulation to generate sample universes for realistic output validation (both at micro and macro levels) of a stochastic model. Also, some light is shed upon two neglected aspects of model validation, experimentation to test the realism of a model's policy implications and a comparative evaluation with existing models. It is hoped for that the article has raised some important issues for the attention of a serious model builder. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of the Academy of Marketing Science Springer Journals

Validation of stochastic models: Some perspectives

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References (13)

Publisher
Springer Journals
Copyright
1975 The Academy of Marketing Science
ISSN
0092-0703
eISSN
1552-7824
DOI
10.1007/BF02729530
Publisher site
See Article on Publisher Site

Abstract

Abstract The focus of the paper is the process of model validation. The discussion illustrates some problems encountered in validating stochastic models, with special reference to market behavior models. A brief discussion of some important dimensions of model validation are presented. The discussion focuses on the role of simulation to generate sample universes for realistic output validation (both at micro and macro levels) of a stochastic model. Also, some light is shed upon two neglected aspects of model validation, experimentation to test the realism of a model's policy implications and a comparative evaluation with existing models. It is hoped for that the article has raised some important issues for the attention of a serious model builder.

Journal

Journal of the Academy of Marketing ScienceSpringer Journals

Published: Mar 1, 1975

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