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Why is it important that a model fit the data?
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In your opinion, what is evidence of a "reasonable" fit of a model to data?
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What did Fu et al. do to make their counterfactuals more realistic and policy relevant?
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Explain the process that Lang & Palacios use to validate their structural model.
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What explanation do Lang & Palacios give (in the conclusion of their paper) for why their model requires so many unobserved types?