Question: Read pp. 603617 of Selected Reference 3. (a) What does the author say about whether a model can be completely validated? (b) Summarize the distinctions

Read pp. 603–617 of Selected Reference 3.
(a) What does the author say about whether a model can be completely validated?
(b) Summarize the distinctions made between model validity, data validity, logical/mathematical validity, predictive validity, operational validity, and dynamic validity.
(c) Describe the role of sensitivity analysis in testing the operational validity of a model.
(d) What does the author say about whether there is a validation methodology that is appropriate for all models?
(e) Cite the page in the article that lists basic validation steps.

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a The author views that analysts do not believe that a model can be completely validated He further opines that policy models can at best be invalidated Thus the objective of validation or invalidatio... View full answer

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