Results for 'Models in Economics'

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  1. Credible Worlds: The Status of Theoretical Models in Economics.Robert Sugden - 2000 - Journal of Economic Methodology 7 (1):1-31.
    Using as examples Akerlof's 'market for ''lemons''' and Schelling's 'checkerboard' model of racial segregation, this paper asks how economists' abstract theoretical models can explain features of the real world. It argues that such models are not abstractions from, or simplifications of, the real world. They describe counterfactual worlds which the modeller has constructed. The gap between model world and real world can be filled only by inductive inference, and we can have more confidence in such inferences, the more (...)
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  2. Models in Economics.Marcel Boumans - 2004 - In John Bryan Davis & Alain Marciano (eds.), The Elgar Companion to Economics and Philosophy. Edward Elgar. pp. 260--282.
  3.  41
    Models in Economics Are Not Nomological Machines.Cyril Hédoin - 2014 - Philosophy of the Social Sciences 44 (4):424-459.
    This paper evaluates Nancy Cartwright’s critique of economic models. Cartwright argues that economics fails to build relevant “nomological machines” able to isolate capacities. In this paper, I contend that many economic models are not used as nomological machines. I give some evidence for this claim and build on an inferential and pragmatic approach to economic modeling. Modeling in economics responds to peculiar inferential norms where a “good” model is essentially a model that enhances our knowledge about (...)
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  4. Why Idealized Models in Economics Have Limited Use.John Pemberton - 2005 - Poznan Studies in the Philosophy of the Sciences and the Humanities 86 (1):35-46.
     
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  5. 13 Models in Economics.Marcel Boumans - 2004 - In John Bryan Davis & Alain Marciano (eds.), The Elgar Companion to Economics and Philosophy. Edward Elgar. pp. 260.
     
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  6.  10
    Dynamical Models in Economics: The Case of Inflation.R. P. J. Perazzo, S. L. Reich, J. Schvarzer & M. A. Virasoro - 1997 - Complexity 2 (6):54-60.
  7.  10
    Beyond Metaphor: Mathematical Models in Economics as Empirical Research.Daniel Breslau & Yuval Yonay - 1999 - Science in Context 12 (2):317-332.
  8. The Vanity of Rigour in Economics Theoretical Models and Galilean Experiments.Nancy Cartwright - 1999 - Lse, Centre for the Philosophy of the Natural and Social Sciences.
  9.  30
    Fact and Fiction in Economics: Models, Realism and Social Construction.Uskali Mäki (ed.) - 2002 - Cambridge University Press.
    There is an embarrassing polarization of opinions about the status of economics as an academic discipline, as reflected in epithets such as the Dismal Science and the Queen of the Social Sciences. This collection brings together some of the leading figures in the methodology and philosophy of economics to provide a thoughtful and balanced overview of the current state of debate about the nature and limits of economic knowledge. Authors with partly rival and partly complementary perspectives examine how (...)
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  10.  18
    The Diversity of Models as a Means to Better Explanations in Economics.N. Emrah Aydinonat - 2018 - Journal of Economic Methodology 25 (3):237-251.
    ABSTRACTIn Economics Rules, Rodrik [. Economics rules: Why economics works, when it fails, and how to tell the difference. Oxford: Oxford University Press] argues that what makes economics powerful despite the limitations of each and every model is its diversity of models. Rodrik suggests that the diversity of models in economics improves its explanatory capacities, but he does not fully explain how. I offer a clearer picture of how models relate to explanations (...)
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  11. Progress in Economics: Lessons From the Spectrum Auctions.Anna Alexandrova & Robert Northcott - 2009 - In Harold Kincaid & Don Ross (eds.), The Oxford Handbook of Philosophy of Economics. Oxford University Press. pp. 306--337.
    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 (...)
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  12.  79
    Agent-Based Models and Simulations in Economics and Social Sciences: From Conceptual Exploration to Distinct Ways of Experimenting.Denis Phan & Franck Varenne - 2010 - Journal of Artificial Societies and Social Simulation 13 (1).
    Now that complex Agent-Based Models and computer simulations spread over economics and social sciences - as in most sciences of complex systems -, epistemological puzzles (re)emerge. We introduce new epistemological concepts so as to show to what extent authors are right when they focus on some empirical, instrumental or conceptual significance of their model or simulation. By distinguishing between models and simulations, between types of models, between types of computer simulations and between types of empiricity obtained (...)
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  13.  47
    Models and Relations in Economics and Econometrics.Katarina Juselius - 1999 - Journal of Economic Methodology 6 (2):259-290.
    Based on a money market analysis using the cointegrated VAR model the paper demonstrates some possible pitfalls in macroeconomic inference as a direct consequence of inadequate stochastic model formulation. A number of questions related to concepts such as empirical and theoretical steady-states, speed of adjustment, feedback and interaction effects, and driving forces are addressed within the framework of the cointegrated VAR model. The interpretation and analysis of common driving trends are related to the notion of shocks or disturbances to a (...)
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  14. Agent-Based Models and Simulations in Economics and Social Sciences: From Conceptual Exploration to Distinct Ways of Experimenting.Franck Varenne & Denis Phan - 2008 - In Nuno David, José Castro Caldas & Helder Coelho (eds.), Proceedings of the 3rd EPOS congress (Epistemological Perspectives On Simulations). Lisbon: pp. 51-69.
    Now that complex Agent-Based Models and computer simulations spread over economics and social sciences - as in most sciences of complex systems -, epistemological puzzles (re)emerge. We introduce new epistemological tools so as to show to what precise extent each author is right when he focuses on some empirical, instrumental or conceptual significance of his model or simulation. By distinguishing between models and simulations, between types of models, between types of computer simulations and between types of (...)
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  15.  30
    Economics Invents the Economy: Mathematics, Statistics, and Models in the Work of Irving Fisher and Wesley Mitchell. [REVIEW]Daniel Breslau - 2003 - Theory and Society 32 (3):379-411.
    The “embeddedness” of economic life in social relations has become a productive analytical principle and the basis of a penetrating critique of economic orthodoxy. But this critique raises another important, social and historical question, of how the economy became “disembedded” in the first place – how the multitude of transactions designated (somewhat arbitrarily) as economic were abstracted from the rest of social life and reconstituted as an object, the economy, which behaves according to its own logic. This article investigates the (...)
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  16.  5
    Models of Cognition and Their Applications in Behavioral Economics: A Conceptual Framework for Nudging Derived From Behavior Analysis and Relational Frame Theory.Marco Tagliabue, Valeria Squatrito & Giovambattista Presti - 2019 - Frontiers in Psychology 10.
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  17.  30
    Unification and Mechanistic Detail as Drivers of Model Construction: Models of Networks in Economics and Sociology.Jaakko Kuorikoski & Caterina Marchionni - 2014 - Studies in History and Philosophy of Science Part A 48:97-104.
  18. Representation and Structure in Economics: The Methodology of Econometric Models of the Consumption Function.Hsiang-Ke Chao - 2009 - Routledge.
    This book provides a methodological perspective on understanding the essential roles of econometric models in the theory and practice. Offering a comprehensive and comparative exposition of the accounts of models in both econometrics and philosophy of science, this work shows how econometrics and philosophy of science are interconnected while exploring the methodological insight of econometric modelling that can be added to modern philosophical thought. The notion of structure is thoroughly discussed throughout the book. The studies of the consumption (...)
     
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  19. Uskali Maki (Ed.), Fact and Fiction in Economics: Models, Realism and Social Construction.A. Viskovatoff - 2004 - International Studies in the Philosophy of Science 18:102-104.
     
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  20. Mentalism Versus Behaviourism in Economics: A Philosophy-of-Science Perspective.Franz Dietrich & Christian List - 2016 - Economics and Philosophy 32 (2):249-281.
    Behaviourism is the view that preferences, beliefs, and other mental states in social-scientific theories are nothing but constructs re-describing people's behaviour. Mentalism is the view that they capture real phenomena, on a par with the unobservables in science, such as electrons and electromagnetic fields. While behaviourism has gone out of fashion in psychology, it remains influential in economics, especially in ‘revealed preference’ theory. We defend mentalism in economics, construed as a positive science, and show that it fits best (...)
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  21.  30
    Models and Reality in Economics, Steven Rappaport. Edward Elgar, 1998, VI + 233 Pages. [REVIEW]Richard Bradley - 2000 - Economics and Philosophy 16 (1):147-174.
  22.  52
    Fact and Fiction in Economics: Models, Realism and Social Construction, Edited by Uskali MÄKI. Cambridge University Press, 2002, VII + 384 Pages. [REVIEW]Francesco Guala - 2004 - Economics and Philosophy 20 (1):217-223.
  23. Preferences and Positivist Methodology in Economics.Christopher Clarke - 2016 - Philosophy of Science 83 (2):192-212.
    I distinguish several doctrines that economic methodologists have found attractive, all of which have a positivist flavour. One of these is the doctrine that preference assignments in economics are just shorthand descriptions of agents' choice behaviour. Although most of these doctrines are problematic, the latter doctrine about preference assignments is a respectable one, I argue. It doesn't entail any of the problematic doctrines, and indeed it is warranted independently of them.
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  24. Buyer Beware: Robustness Analyses in Economics and Biology.Jay Odenbaugh & Anna Alexandrova - 2011 - Biology and Philosophy 26 (5):757-771.
    Theoretical biology and economics are remarkably similar in their reliance on mathematical models, which attempt to represent real world systems using many idealized assumptions. They are also similar in placing a great emphasis on derivational robustness of modeling results. Recently philosophers of biology and economics have argued that robustness analysis can be a method for confirmation of claims about causal mechanisms, despite the significant reliance of these models on patently false assumptions. We argue that the power (...)
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  25.  39
    The Invisible Hand in Economics: How Economists Explain Unintended Social Consequences.N. Emrah Aydinonat - 2008 - Routledge.
    Introduction -- Unintended consequences -- The origin of money -- Segregation -- The invisible hand -- The origin of money reconsidered -- Models and representation -- Game theory and conventions -- Conclusion.
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  26. Isolation, Idealization and Truth in Economics.Uskali Mäki - 1994 - Poznan Studies in the Philosophy of the Sciences and the Humanities 38:147-168.
    Challenges the widely held view that good models must necessarily be simplifications and hence cannot be true. This is done by distinguishing between whole truth (complete description) and truth (essential description, attained by the method of isolation).
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  27. The Diversity of Models as a Means to Better Explanations in Economics.Emrah Aydinonat - forthcoming - Journal of Economic Methodology 25 (3):237-251.
    In Economics Rules, Dani Rodrik (2015) argues that what makes economics powerful despite the limitations of each and every model is its diversity of models. Rodrik suggests that the diversity of models in economics improves its explanatory capacities, but he does not fully explain how. I offer a clearer picture of how models relate to explanations of particular economic facts or events, and suggest that the diversity of models is a means to better (...)
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  28.  78
    The Changing Relationship Between Theory and Experiment in Economics.Robert Sugden - 2008 - Philosophy of Science 75 (5):621-632.
    Until recently, economics was generally understood to be a nonexperimental science with a hypothetico‐deductive methodology. This article considers how the methodology of economics has changed with the spread of experimental methods. Initially, most experimental economists saw their work as testing pre‐existing theories. However, a method of systematic inductive enquiry in which theory plays a less central role is now evolving. This method is structured around the discovery and progressive refinement of regularities. “Exhibits”—experimental designs that generate significant regularities—are taking (...)
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  29.  17
    Models of Temporal Discounting 1937–2000: An Interdisciplinary Exchange Between Economics and Psychology.Till Grüne-Yanoff - 2015 - Science in Context 28 (4):675-713.
    ArgumentToday's models of temporal discounting are the result of multiple interdisciplinary exchanges between psychology and economics. Although these exchanges did not result in an integrated discipline, they had important effects on all disciplines involved. The paper describes these exchanges from the 1930s onwards, focusing on two episodes in particular: an attempted synthesis by psychiatrist George Ainslie and others in the 1970s; and the attempted application of this new discounting model by a generation of economists and psychologists in the (...)
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  30.  92
    Prediction Versus Accommodation in Economics.Robert Northcott - 2019 - Journal of Economic Methodology 26 (1):59-69.
    Should we insist on prediction, i.e. on correctly forecasting the future? Or can we rest content with accommodation, i.e. empirical success only with respect to the past? I apply general considerations about this issue to the case of economics. In particular, I examine various ways in which mere accommodation can be sufficient, in order to see whether those ways apply to economics. Two conclusions result. First, an entanglement thesis: the need for prediction is entangled with the methodological role (...)
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  31.  10
    The Romantic Economist: Imagination in Economics.Richard Bronk - 2009 - Cambridge University Press.
    Since economies are dynamic processes driven by creativity, social norms, and emotions as well as rational calculation, why do economists largely study them using static equilibrium models and narrow rationalistic assumptions? Economic activity is as much a function of imagination and social sentiments as of the rational optimisation of given preferences and goods. Richard Bronk argues that economists can best model and explain these creative and social aspects of markets by using new structuring assumptions and metaphors derived from the (...)
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  32.  95
    False Models as Explanatory Engines.Frank Hindriks - 2008 - Philosophy of the Social Sciences 38 (3):334-360.
    Many models in economics are very unrealistic. At the same time, economists put a lot of effort into making their models more realistic. I argue that in many cases, including the Modigliani-Miller irrelevance theorem investigated in this paper, the purpose of this process of concretization is explanatory. When evaluated in combination with their assumptions, a highly unrealistic model may well be true. The purpose of relaxing an unrealistic assumption, then, need not be to move from a false (...)
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  33.  35
    The Efficiency Question in Economics.Northcott Robert - 2018 - Philosophy of Science 85 (5):1140-1151.
    Much philosophical attention has been devoted to whether economic models explain, and more generally to how scientific models represent. Yet there is an issue more practically important to economics than either of these, which I label the efficiency question: regardless of how exactly models represent, or of whether their role is explanatory or something else, is current modeling practice an efficient way to achieve these goals – or should research efforts be redirected? In addition to showing (...)
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  34.  39
    Grey-Box Understanding in Economics.Marcel J. Boumans - unknown
    In economics, models are built to answer specific questions. Each type of question requires its own type of models; in other words, it defines the requirements that a model should meet and thereby instructs how the models should be built. An explanation is an answer to a ‘why’-question. In economics, this answer is provided by a white -box model. To answer a ‘how much’-question, which is asking for a measurement, economists can make use of black-box (...)
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  35.  11
    The paradigm of complexity in economics: beyond laws and linear causality.Alfredo García, Leonardo Ivarola & Martín Szybisz - 2018 - Cinta de Moebio 61:80-94.
    Resumen: El enfoque de máquinas nomológicas como esquema de funcionamiento de los modelos económicos supone la existencia de conjunciones constantes de eventos que tienen lugar en tanto se cumplan con determinadas cláusulasceteris paribus. Este enfoque supone causalidad del tipo lineal, una metodología del tipo macro-micro-macro, y un aislamiento respecto del entorno en el cual dicha máquina opera, lo cual lo hace congruente con el pensamiento neo-mecanicista. Consideramos que estos supuestos son cuestionables bajo el paradigma de la complejidad. En particular, dado (...)
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  36.  46
    Method and Appraisal in Economics, 1976–20061.Uskali Mäki - 2008 - Journal of Economic Methodology 15 (4):409-423.
    No abstractThe Lakatosian stage in the progress of the philosophy and methodology of economics has served a useful role in helping launch a systematic and collective field of inquiry. In the course of the thirty years between 1976 and 2006, the field has advanced beyond that stage, but much of the spirit of the original ambitions had better be retained. As much as ever, if not more than ever, we need economic methodologies for normatively appraising assumptions, models, theories, (...)
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  37.  6
    How-Possibly Explanations in Economics: Anything Goes?Till Grüne-Yanoff & Philippe Verreault-Julien - forthcoming - Journal of Economic Methodology:1-10.
    The recent literature on economic models has rejected the traditional requirement that their epistemic value necessary depended on them offering actual explanations of phenomena. Contributors to th...
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  38. Modeling in Biology and Economics.Michael Weisberg, Samir Okasha & Uskali Mäki - 2011 - Biology and Philosophy 26 (5):613-615.
    Much of biological and economic theorizing takes place by modeling, the indirect study of real-world phenomena by the construction and examination of models. Books and articles about biological and economic theory are often books and articles about models, many of which are highly idealized and chosen for their explanatory power and analytical convenience rather than for their fit with known data sets. Philosophers of science have recognized these facts and have developed literatures about the nature of models, (...)
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  39.  24
    Review. Steven Rappaport 'Models and Reality in Economics' [Book Review].Richard Bradley - 2000 - Economics and Philosophy 16 (1):159-163.
  40.  60
    Review of Representation and Structure in Economics. The Methodology of Econometric Models of the Consumption Function. [REVIEW]Federica Russo - 2010 - Economics and Philosophy 26 (1):114-118.
  41.  5
    18 Two Models of Idealization in Economics.Alan Nelson - 2001 - In Uskali Mäki (ed.), The Economic World View: Studies in the Ontology of Economics. Cambridge University Press. pp. 359.
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  42.  5
    Hsiang-Ke Chao's Representation and Structure in Economics: The Methodology of Econometric Models of the Consumption Function. London: Routledge, 2008, 176 Pp. [REVIEW]Christopher Gilbert - 2010 - Erasmus Journal for Philosophy and Economics 3 (2):136.
  43. Steven Rappaport, Models and Reality in Economics Reviewed By.Piers Rawling - 2000 - Philosophy in Review 20 (4):279-281.
  44. Steven Rappaport, Models and Reality in Economics[REVIEW]Piers Rawling - 2000 - Philosophy in Review 20:279-281.
     
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  45. Causality and Exogeneity in Econometric Models in The Foundations of Statistical Methods in Biology, Physics and Economics.Mc Galavotti & G. Gambetta - 1990 - Boston Studies in the Philosophy of Science 122:27-40.
  46.  14
    Which Structure Do Models Represent? Representation and Structure in Economics: The Methodology of Econometric Models of the Consumption Function.Alessio Moneta - 2010 - Journal of Economic Methodology 17 (3):338-343.
  47. Models Back in the Bunk: A Review of U. Maki (Ed.) Fact and Fiction in Economics[REVIEW]D. Ross - 2005 - Journal of Economic Methodology 12 (4):599.
     
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  48.  34
    Estranged Parents and a Schizophrenic Child: Choice in Economics, Psychology and Neuroeconomics.Don Ross - 2011 - Journal of Economic Methodology 18 (3):217-231.
    Gul and Pesendorfer provide the best-known and most strident of a set of recent backlashes by economists against methodological revolutions promoted by some behavioural economists and neuroeconomists. Philosophers are likely to read these responses as merely reactionary, especially as their rhetoric goes beyond what their explicit argumentation validly supports. The present paper identifies the accurate insight on Gul and Pesendorfer's part that explains the impact of their philosophically ragged polemic. This centers on importantly different concepts of choice in the psychological (...)
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  49.  14
    What is the Problem with Model-Based Explanation in Economics?Caterina Marchionni - 2017 - Disputatio 9 (47):603-630.
    The question of whether the idealized models of theoretical economics are explanatory has been the subject of intense philosophical debate. It is sometimes presupposed that either a model provides the actual explanation or it does not provide an explanation at all. Yet, two sets of issues are relevant to the evaluation of model-based explanation: what conditions should a model satisfy in order to count as explanatory and does the model satisfy those conditions. My aim in this paper is (...)
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  50.  2
    Addressing the Malaise in Neoclassical Economics: A Call for Partial Models.Ron Wallace - 2019 - Economic Thought 8 (1):40.
    Economics is currently experiencing a climate of uncertainty regarding the soundness of its theoretical framework and even its status as a science. Much of the criticism is within the discipline, and emphasises the alleged failure of the neoclassical viewpoint. This article proposes the deployment of partial modelling, utilising Boolean networks, as an inductive discovery procedure for the development of economic theory. The method is presented in detail and then linked to the Semantic View of Theories, closely identified with Bas (...)
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