David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
Jack Alan Reynolds
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What on earth are economic theorists like me trying to accomplish? This paper discusses four dilemmas encountered by an economic theorist: The dilemma of absurd conclusions: Should we abandon a model if it produces absurd conclusions or should we regard a model as a very limited set of assumptions that will inevitably fail in some contexts? The dilemma of responding to evidence: Should our models be judged according to experimental results? The dilemma of modelless regularities: Should models provide the hypothesis for testing or are they simply exercises in logic that have no use in identifying regularities? The dilemma of relevance: Do we have the right to offer advice or to make statements that are intended to influence the real world?
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Adam S. Booij, Bernard M. S. Van Praag & Gijs van de Kuilen (2010). A Parametric Analysis of Prospect Theory's Functionals for the General Population. Theory and Decision 68 (1-2):115-148.
Kaushik Basu (2010). The Moral Basis of Prosperity and Oppression: Altruism, Other-Regarding Behaviour and Identity. Economics and Philosophy 26 (2):189-216.
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