Dawkins, Christina; Srinivasan, T.N.; Whalley, John - In: Handbook of econometrics : volume 5, (pp. 3653-3703). 2001
We discuss the use of calibration techniques in economic models. Calibration contrasts with estimation in relying on … deterministic calculation of model parameter values consistent with data, rather than econometric estimation. The reasons why … calibration, the use of data pre-adjustments, and the incorporation of model estimation consistent elasticities. We conclude with …
