{"product_id":"encompassing-jean-francois-richard-9780262553094","title":"Encompassing: Practical Applications Through Simulation","description":"\u003cb\u003eAn operational simulation-based implementation of a fundamental research principle in the sciences--the idea that a model must account for, or encompass, findings of alternative models.\u003c\/b\u003e \u003cp\u003e\u003c\/p\u003eTo account for the universal deficiency of all economic models, Jean-François Richard, Robert Marshall, and Chaohai Shen propose in this book an operational test of whether a model accounts for--or encompasses--key results of alternative models. This simulation-based approach is distinct from the likelihood-based approach of forty-plus years ago. It is specifically designed to be applicable to serious nonlinear applications, under the minimal requirement that the models under consideration be amenable to Monte Carlo simulations. \u003cp\u003e\u003c\/p\u003eThe method of simulated moments, increasingly applied in major empirical applications, provides the ideal framework to compute a wide range of formal simulation-based encompassing test statistics. The authors argue that simulation-based encompassing is particularly easy to implement when the model of interest incorporates novel features relative to an earlier \"benchmark\" model: that is, \"nests\" the latter. \u003cp\u003e\u003c\/p\u003eThe book should be of particular interest to practitioners, researchers, and graduate students who wish to validate their models using simulation-based encompassing as a rigorous scientific alternative to more informal model comparisons.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Jean-Francois Richard,Robert C. Marshall,Chaohai Shen\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 0262553090\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9780262553094\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e MIT Press\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 08\/26\/2025\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 142\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Paperback\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 0.70lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.53h x 7.01w x 0.39d","brand":"Jean-Francois Richard","offers":[{"title":"Paperback","offer_id":48447608684799,"sku":"9780262553094","price":55.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/2982\/9887\/files\/img_bd462425-74a0-45dc-acdc-68b3123cab28.jpg?v=1777233829","url":"https:\/\/www.whiterainbookhouse.com\/products\/encompassing-jean-francois-richard-9780262553094","provider":"WR Book House","version":"1.0","type":"link"}