Before revision:  Our examples also show that open loop calibration methods (e.g.  selecting a 90 \% confidence level regardless of the data and objective function) can lead to solutions that are very conservative out-of-sample.
After revision:  Our examples also show that open loop calibration methods (e.g. , selecting a 90 \% confidence level regardless of the data and objective function) can lead to solutions that are very conservative out-of-sample.