SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC.
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WoLD
Prof. MAHALANOBIS’ question is important, and my answer is in
line with Prof. STONE’s views on the integration between forecasting
and objectives. The notion of targets is closely related to the notion
of objectives. Reference is also made to the distinction between
instruments and targets emphasized in the works of Prof. TINBERGEN.
In my brief comments on descriptive, explanatory and forecasting
models I was limiting myself to the purely scientific aspects of model
building. In the analysis of policy problems we come to a fourth
type of model, policy models. A frequent type of policy model
specifies different alternatives of policy in terms of objectives and
targets to be achieved on the one hand, and instruments to be used
on the other. Speaking generally, a nonscientific element enters in
the policy model when it comes to the actual choice between the
different alternatives of pnlicv
MAHALANOBIS
Another supplementary question: in meteorology, some experi
ments have been made to find out whether rain can be influencea by
artificial means. That would bring in —- I take Professor
STONE’s point of experimentation. Would such experimentation be
included in forecasting? I am trying to get Professor WoLD’s views
clear in mv mind.
WoLD
This question points to the very important distinction between
two ways of gathering knowledge: by controlled experiments and by
nonexperimental observations. These two ways of getting access to
knowledge cut through all levels of scientific model building - - de-
scriptive, explanatory and forecasting models. My brief outline was
not intended to be complete, and I choose the three areas meteoro.
‘1] Stone - pag. g7