Question

2. Comment critically: “Data are the most important component of an empirical analysis. It should be complete. Even if complete data do not exist from the source, and if necessary, data issues may derive the choice model even lead to the alteration of the theoretical model.”

Answer 1

Empirical Analysis & Data
Data in empirical analysis and research has much to do with the completeness and accuracy of the analysis or observation. The effective interpretation of data can happen only with a fully available. An incomplete data could leads to a bias in analysis or a defect in the final observations. For an analysis on which collection of primary data is quiet impossible, the researcher would have to depend on the available secondary data. The chances of data not to be complete are high since they also faced problems in collecting primary one. So, it is only applicable to depend on the data available to make observations about that. This may have impacts on the credibility and accuracy since the information for interpretation is not full.
Lack of information on data or an incomplete one can destruct the scope of study and the theoretical models chosen. The problem is more with the relative ability to accept a theoretical model. The choice model being taken according to the context of analysis may not connect with the available theoretical models. The ability to accept models may be affected with the available data. Some model since demand accurate information for analysis, the choice model cannot be opted among them. Also, the observations may have huge deviations from the reality which the analysis tried to points out.