"Haavelmo's 1944 monograph, The Probability Approach in Econometrics, is widely acclaimed as the manifesto of … econometrics. This book challenges Haavelmo's probability approach, shows how its use is delivering defective and inefficient … results, and argues for a paradigm shift in econometrics towards a full embrace of machine learning, with its attendant …

Spaces -- 1.8 Miscellaneous Concepts -- 2 Foundations of Probability -- 2.1 Discrete Models -- 2.2 General Probability Models … structural econometric model (GLSEM). The problems one encounters in nonlinear econometrics are not easily amenable to treatment …

produces consistent standard errors and a reliable method for testing the differences between the model parameters. …