In Harold Kincaid & Don Ross (eds.), The Oxford Handbook of Philosophy of Economics. Oxford University Press. pp. 306--337 (2009)

Authors
Robert Northcott
Birkbeck, University of London
Anna Alexandrova
Cambridge University
Abstract
The 1994 US spectrum auction is now a paradigmatic case of the successful use of microeconomic theory for policy-making. We use a detailed analysis of it to review standard accounts in philosophy of science of how idealized models are connected to messy reality. We show that in order to understand what made the design of the spectrum auction successful, a new such account is required, and we present it here. Of especial interest is the light this sheds on the issue of progress in economics. In particular, it enables us to get clear on exactly what has been progressing, and on exactly what theory has – and has not – contributed to that. This in turn has important implications for just what it is about economic theory that we should value.
Keywords progress  economics  models
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References found in this work BETA

How the Laws of Physics Lie.Nancy Cartwright - 1983 - Oxford University Press.
The Scientific Image.William Demopoulos & Bas C. van Fraassen - 1982 - Philosophical Review 91 (4):603.

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The Explanation Paradox.Julian Reiss - 2012 - Journal of Economic Methodology 19 (1):43-62.
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