Duke Economics Working Paper #96-25
This paper summarizes comments at the Panel Discussion on Calibration at the Seventh World Congress of the Econometric Society, Keio University, Tokyo, Japan, 22-29 August 1995.
The position taken is that calibration is an activity that pervades science. However, statistical methods exist for proper calibration that achieve full efficiency and provide complete diagnostic tests. Such methods should be used.
The deleterious consequences of the casual use of calibration from other disciplines are discussed.