Editing Stylized fact (section)

==Uses==

Already in the original paper, Kaldor used his stylized facts of economic growth to argue in favor of his suggested model in comparison to older neoclassical models of economic growth. This idea has been highlighted subsequently by Boland, that the advantages of one model over the other can be set in a clear perspective via the reference of the stylized facts the respective models can explain.<ref>{{cite book |last=Boland |year=1987 |chapter=Stylized Facts |editor1-last=Eatwell |editor1-first=J. |editor2-last=Milgate |editor2-first=M. |editor3-last=Newman |editor3-first=P. |title=The New Palgrave Dictionary of Economics |volume=4 |location=London |publisher=Macmillan Press |pages=535–536 |isbn=978-0-333-37235-7 }}</ref> Additionally, stylized facts can be used to look "under the hood of models", i.e. be used to validate assumptions of model in a focused way.<ref name="Heine2005">{{cite journal |last1=Heine |first1=Bernd-O. |last2=Meyer |first2=Matthias |last3=Strangfeld |first3=Oliver |year=2005 |title=Stylised Facts and the Contribution of Simulation to the Economic Analysis of Budgeting |journal=Journal of Artificial Societies and Social Simulation |volume=8 |issue=4 |pages=4 |url=http://jasss.soc.surrey.ac.uk/8/4/4.html }}</ref> This can be of particular importance in more complex models. [[Econophysics]]/[[Statistical finance]] begins from stylized facts. Furthermore, the considerable potential of Stylized Facts for Information Systems research has been investigated and discussed in recent years.<ref name="Houy2015">{{cite journal |last1=Houy |first1=Constantin |last2=Fettke |first2=Peter |last3=Loos |first3=Peter |year=2015 |title=Stylized Facts as an Instrument for Literature Review and Cumulative Information Systems Research. |journal=Communications of the AIS |volume=37 |issue=1 |pages=225–256 |url=http://aisel.aisnet.org/cais/vol37/iss1/10/}}</ref>