If competing models are offered to explain a certain economic phenomenon,the best model is the one

Question

Quizplus · Accepted Answer

The best model is the one that consistently predicts the most accurately, as this indicates a better understanding of the phenomenon being studied. While having few unrealistic assumptions is important, it is not necessarily the sole determining factor in choosing the best model. The ability to be empirically verified is also important, but not as crucial as accuracy in prediction. The age of the model is also not significant in determining its superiority.

If Competing Models Are Offered to Explain a Certain Economic