waldoputty
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You were taught to make guesses without real empirical basis?
I am not satisfied because it lacks any empirical basis. It has nothing to do with how I was taught to model systems. I would never ask a layman for such rigor.
no one said making guesses with zero empirical basis.
the one building the model has to make reasonable assumptions.
$5M assumption was not based on zero knowledge.
it was based on my experience with NFL contracts.
you may disagree, but that was the best I could do.
that was based on the players left, what happened in previous years (when the major contracts signed etc.)
as it was, i think the $5M guess was pretty good.
you may remember if you did not like it, i would just increase the assumption.
it is not a big deal because i was looking for a macroscopic effect - not a 5% effect.
you often have no choice but parametrize when modeling could not be done.
then repeat and rinse again if needed.
it is actually a standard 'trick'.