We talk a lot about the bias-variance tradeoff in econometrics, but what about the sophistication-believability tradeoff?
Do econometricians actually talk about bias-variance trade-off? I haven't seen much ML concept diffusion in the literature outside the usual niches :(
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I feel like it's fairly common. Not taken quite as seriously until recent years but it's been around, and newer metrics papers I read talk about it pretty regularly. Granted, newer metrics papers are often ML-aligned.
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