Here’s one reason empirical work is hard

According to Wikipedia, the free encyclopedia:

In general, data consist of propositions that reflect reality. A large class of practically important propositions are measurements or observations of a variable.

But we should always be concerned about how the data was generated, and the incentives of the collectors/reporters:
The Big Picture | Analyst Back Dating Scandal: A Non-Random Walk through IBES analyst ratings.
Historical financial data is suspect. Not surprising, but a good reminder to the ‘fit data for a model’ types arguing about what science is and why is must be empirical.

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