VALIDATING PREDICTING EQUATIONS: THE SUPPLY OF FEEDER CALVES IN WEST VIRGINIA
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The objectives of this article were first to develop a viable predicting
model of the West Virginia feeder calf supply using calves marketed as
the dependent variable. The second objective was to validate the predicting
model using the "leave·out-one-year'" procedure and to derive an alternative
predicting equation using the jackknife technique. The purpose of the
emphasis on the second objective was to provide a simple and direct
demonstration, of a useful and necessary technique, for the large group
of applied economists, who often use econometric methods, but who do
not consider themselves to be econon etric specialists.