We investigate the biases and uncertainties in estimates of physical
parameters of high-redshift Lyman break galaxies (LBGs), such as stellar mass,
mean stellar population age, and star formation rate (SFR), obtained from
broad-band photometry. By combining LCDM hierarchical structure formation
theory, semi-analytic treatments of baryonic physics, and stellar population
synthesis models, we construct model galaxy catalogs from which we select LBGs
at redshifts z ~ 3.4, 4.0, and 5.0. The broad-band spectral energy
distributions (SEDs) of these model LBGs are then analysed by fitting galaxy
template SEDs derived from stellar population synthesis models with smoothly
declining SFRs. We compare the statistical properties of LBGs' physical
parameters -- such as stellar mass, SFR, and stellar population age -- as
derived from the best-fit galaxy templates with the intrinsic values from the
semi-analytic model. We find some trends in these distributions: first, when
the redshift is known, SED-fitting methods reproduce the input distributions of
LBGs' stellar masses relatively well, with a minor tendency to underestimate
the masses overall, but with substantial scatter. Second, there are large
systematic biases in the distributions of best-fit SFRs and mean ages, in the
sense that single-component SED-fitting methods underestimate SFRs and
overestimate ages. We attribute these trends to the different star formation
histories predicted by the semi-analytic models and assumed in the galaxy
templates used in SED-fitting procedure, and to the fact that light from the
current generation of star-formation can hide older generations of stars. These
biases, which arise from the SED-fitting procedure, can significantly affect
inferences about galaxy evolution from broadband photometry.Comment: 85 pages, 34 figures, submittted to ApJ