VALIDATING PREDICTING EQUATIONS: THE SUPPLY OF FEEDER CALVES IN WEST VIRGINIA

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.