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$\begingroup$ Thank you for your answer! I am looking for a principled way to select between the different methods of model selection. While you are right that There are no hard and fast rules, we need clear guidelines under hypothetical ideal conditions to assist us in the messy real-world situations. So while I generally agree with your standpoint, I do not find your answer particularly helpful. $\endgroup$
– Richard Hardy
Commented Jan 30, 2019 at 10:19

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