5 Criteria an agent might use in the search for a good internal model.

5.1 Accuracy

This is the straightforward notion that a good model will yield forecasts which are unbiased and efficient. We would not, however, expect all good models to yield accurate forecasts in all circumstances. The economic and methodological reasons for this were discussed by Moss [16] and Moss and Edmonds [7]. For this reason, we attach to each model a set of conditions of application and require accuracy of a good model only when those conditions are satisfied. This feature, as we see next, has further benefits associated with adaptability of the modelling procedure.

Modelling Learning as Modelling - 23 FEB 98

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