Yes, Watson and Holmes definitely discuss other approaches which are more like explicitly considering alternative distributions. And I agree that the approach I’ve described does have that benefit that it can uncover potentially unknown biases and work for quite complicated models/simulations. Hence why I’ve found it useful to apply to my portfolio optimization with altruism paper (and actually to some practical work). Along with using common sense exploration of alternative models/distributions.
Yes, Watson and Holmes definitely discuss other approaches which are more like explicitly considering alternative distributions. And I agree that the approach I’ve described does have that benefit that it can uncover potentially unknown biases and work for quite complicated models/simulations. Hence why I’ve found it useful to apply to my portfolio optimization with altruism paper (and actually to some practical work). Along with using common sense exploration of alternative models/distributions.