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Measuring the Completeness of Theories

Drew Fudenberg, Jon Kleinberg, Annie Liang and Sendhil Mullainathan

Papers from arXiv.org

Abstract: We use machine learning to provide a tractable measure of the amount of predictable variation in the data that a theory captures, which we call its "completeness." We apply this measure to three problems: assigning certain equivalents to lotteries, initial play in games, and human generation of random sequences. We discover considerable variation in the completeness of existing models, which sheds light on whether to focus on developing better models with the same features or instead to look for new features that will improve predictions. We also illustrate how and why completeness varies with the experiments considered, which highlights the role played in choosing which experiments to run.

Date: 2019-10
New Economics Papers: this item is included in nep-big and nep-evo
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1910.07022

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