Realistic Assumptions In Economic Models

Download Realistic Assumptions In Economic Models full books in PDF, epub, and Kindle. Read online Realistic Assumptions In Economic Models ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

Realistic Assumptions in Economic Models

Author : Jeff Todd
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (13 download)

DOWNLOAD NOW!

Book Synopsis Realistic Assumptions in Economic Models by : Jeff Todd

Download or read book Realistic Assumptions in Economic Models written by Jeff Todd and published by . This book was released on 2018 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Expert testimony backed by economic models is essential for showing discrimination in employment cases, proving causation in antitrust suits, and measuring damages in an array of complex business litigation. Courts lack consistency and coherence in admissibility decisions regarding expert testimony based on economic models, in particular when the opponent targets the model's assumptions as unrealistic. This article surveys the body of scholarship by economics methodologists on realism and assumptions, in particular the “reorientation” of the issue starting in the 1990s. The methodologists recognize different ways in which assumptions are realistic or unrealistic: by excluding factors, models are partial representations of the real world and therefore incomplete; assumptions may be confirmed or disconfirmed by evidence; and idealizations and omissions might be plausible or implausible to the target audience. The have also identified different functions for assumptions, such as excluding some factor as negligible, limiting the domains in which the model can be applied, and idealizing or omitting for purposes of tractability. Concern about whether assumptions are realistic is heightened in the context of applied models, such as those used in litigation. This survey leads to guidelines backed by theory for evaluating economics expert testimony for admissibility. All models are necessarily incomplete representations of the real world because they isolate and simplify, but so long as they offer insight about some relevant question, they are not unrealistic. If a modeler offers no explanation for a challenged assumption's purpose or if evidence disconfirms a key assumption, then the judge as gatekeeper is justified in declining to admit the testimony. If the modeler makes idealizations or omissions for the purpose of empirical tractability, then the realisticness of those assumptions is a question of plausibility for the factfinder. Sometimes common sense cannot help with evaluating a complex theoretical model or model built upon numerous questionable assumptions, so the judge should admit the model but take a heavier hand in evaluating it for sufficiency.

The Oxford Handbook of Philosophy of Economics

Author : Harold Kincaid
Publisher : Oxford Handbooks
ISBN 13 : 0195189256
Total Pages : 689 pages
Book Rating : 4.1/5 (951 download)

DOWNLOAD NOW!

Book Synopsis The Oxford Handbook of Philosophy of Economics by : Harold Kincaid

Download or read book The Oxford Handbook of Philosophy of Economics written by Harold Kincaid and published by Oxford Handbooks. This book was released on 2009-03-26 with total page 689 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is the first comprehensive, cohesive, and accessible reference source to the philosophy of economics, presenting important new scholarship by top scholars.

The Assumptions Economists Make

Author : Jonathan Schlefer
Publisher : Harvard University Press
ISBN 13 : 0674068831
Total Pages : 412 pages
Book Rating : 4.6/5 (74 download)

DOWNLOAD NOW!

Book Synopsis The Assumptions Economists Make by : Jonathan Schlefer

Download or read book The Assumptions Economists Make written by Jonathan Schlefer and published by Harvard University Press. This book was released on 2012-03-20 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists make confident assertions in op-ed columns and on cable news—so why are their explanations often at odds with equally confident assertions from other economists? And why are all economic predictions so rarely borne out? Harnessing his frustration with these contradictions, Jonathan Schlefer set out to investigate how economists arrive at their opinions. “A lucid, plain-spoken account of the major economic models, which [Schlefer] introduces in chronological order, creating a kind of intellectual history of macroeconomics. He explains what the models assume, what they actually demonstrate—and where they fall short.” —Binyamin Applebaum, New York Times blog “Fascinating...[Schlefer’s] book is a tough critique of economics, but a deeply informed and sympathetic one.” —Justin Fox, Harvard Business Review blog “This book is an impressive and informative analysis of the economics literature—and it presents some useful insights about how a more eclectic, catholic approach might allow economics to progress more convincingly into the future.” —Michelle Baddeley, Times Higher Education “The Assumptions Economists make [is] a knowledgeable...broadside against neoclassical economics...Schlefer’s gripes concern model-building run amok...His criticisms of these models are original and sophisticated.” —Christopher Caldwell, Literary Review

Fact and Fiction in Economics

Author : Uskali Mäki
Publisher : Cambridge University Press
ISBN 13 : 9780521009577
Total Pages : 404 pages
Book Rating : 4.0/5 (95 download)

DOWNLOAD NOW!

Book Synopsis Fact and Fiction in Economics by : Uskali Mäki

Download or read book Fact and Fiction in Economics written by Uskali Mäki and published by Cambridge University Press. This book was released on 2002-12-12 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 abstract models work and how they might connect with the real world, they look at the special nature of the facts about the economy, and they direct attention towards the academic institutions themselves and how they shape economic research. These issues are thus analysed from the point of view of methodology, semantics, ontology, rhetoric, sociology, and economics of science.

The Methodology of Economic Model Building (Routledge Revivals)

Author : Lawrence A. Boland
Publisher : Routledge
ISBN 13 : 1317680960
Total Pages : 209 pages
Book Rating : 4.3/5 (176 download)

DOWNLOAD NOW!

Book Synopsis The Methodology of Economic Model Building (Routledge Revivals) by : Lawrence A. Boland

Download or read book The Methodology of Economic Model Building (Routledge Revivals) written by Lawrence A. Boland and published by Routledge. This book was released on 2014-05-01 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The major methodological task for modern economists has been to establish the testability of models. Too often, however, methodological assumptions can make a model virtually impossible to test even under ideal conditions, yet few theorists have examined the requirements and problems of assuring testability in economics. In The Methodology of Economic Model Building, first published in 1989, Lawrence Boland presents the results of a research project that spanned more than twenty years. He examines how economists have applied the philosophy of Karl Popper, relating methodological debates about falsifiability to wider discussions about the truth status of models in natural and social sciences. He concludes that model building in economics reflects more the methodological prescriptions of the economist Paul Samuelson than Popper’s ‘falsificationism’. This title will prove invaluable to both students and researchers, and represents a substantial contribution to debates about the scientific status of economics.

Economics Rules

Author : Dani Rodrik
Publisher : Oxford University Press, USA
ISBN 13 : 0198736894
Total Pages : 268 pages
Book Rating : 4.1/5 (987 download)

DOWNLOAD NOW!

Book Synopsis Economics Rules by : Dani Rodrik

Download or read book Economics Rules written by Dani Rodrik and published by Oxford University Press, USA. This book was released on 2015 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading economist trains a lens on his own discipline to uncover when it fails and when it works.

Economic Model

Author : Fouad Sabry
Publisher : One Billion Knowledgeable
ISBN 13 :
Total Pages : 281 pages
Book Rating : 4.:/5 (661 download)

DOWNLOAD NOW!

Book Synopsis Economic Model by : Fouad Sabry

Download or read book Economic Model written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-03-27 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Economic Model An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. A model may have various exogenous variables, and those variables may change to create various responses by economic variables. Methodological uses of models include investigation, theorizing, and fitting theories to the world. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Economic model Chapter 2: Econometrics Chapter 3: Macroeconomics Chapter 4: Mathematical model Chapter 5: Neoclassical economics Chapter 6: Rational expectations Chapter 7: Index of economics articles Chapter 8: Lucas critique Chapter 9: Macroeconomic model Chapter 10: Bellman equation Chapter 11: Econometric model Chapter 12: Lars Peter Hansen Chapter 13: Applied economics Chapter 14: Economics education Chapter 15: Qualitative economics Chapter 16: Dynamic stochastic general equilibrium Chapter 17: Mathematical economics Chapter 18: Real business-cycle theory Chapter 19: Mathematical finance Chapter 20: Criticisms of econometrics Chapter 21: Causal inference (II) Answering the public top questions about economic model. (III) Real world examples for the usage of economic model in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Economic Model.

Beyond Rhetoric and Realism in Economics

Author : Thomas A. Boylan
Publisher : Psychology Press
ISBN 13 : 9780415125130
Total Pages : 268 pages
Book Rating : 4.1/5 (251 download)

DOWNLOAD NOW!

Book Synopsis Beyond Rhetoric and Realism in Economics by : Thomas A. Boylan

Download or read book Beyond Rhetoric and Realism in Economics written by Thomas A. Boylan and published by Psychology Press. This book was released on 1995 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Boylan and O'Gorman inject a fresh empiricist voice into the debate on economic methodology. They strike a reasonable middle ground between the extremes of scientific realism and the rhetoric of economics.

Economics for Real

Author : Aki Lehtinen
Publisher : Routledge
ISBN 13 : 1136513256
Total Pages : 298 pages
Book Rating : 4.1/5 (365 download)

DOWNLOAD NOW!

Book Synopsis Economics for Real by : Aki Lehtinen

Download or read book Economics for Real written by Aki Lehtinen and published by Routledge. This book was released on 2013-06-17 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the first comprehensive and critical examination of Mäki’s realist philosophy of economics.

Economic Models and Methodology

Author : Randall G. Holcombe
Publisher : Praeger
ISBN 13 :
Total Pages : 224 pages
Book Rating : 4.:/5 (43 download)

DOWNLOAD NOW!

Book Synopsis Economic Models and Methodology by : Randall G. Holcombe

Download or read book Economic Models and Methodology written by Randall G. Holcombe and published by Praeger. This book was released on 1989-09-26 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world is too complex for anyone to ever hope to understand all of its interrelationships simultaneously. Yet small aspects of the world we live in can be represented by comprehensible models. This is why economists use models in their analysis and research. In Economic Models and Methodology, Holcombe examines the way in which models are used in economics, and makes specific methodological recommendations more restrictive than the methodological doctrine of pluralism. Holcombe's book is not an encyclopedia of methodology, but rather an analysis of mainstream methodology, and an examination of the use of models in economics. Holcombe examines the role of assumptions in models, the use of empirical models in economics, and specific applications of models in both macroeconomics and microeconomics.

Realism in Economics

Author : Peter Galbács
Publisher :
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.:/5 (13 download)

DOWNLOAD NOW!

Book Synopsis Realism in Economics by : Peter Galbács

Download or read book Realism in Economics written by Peter Galbács and published by . This book was released on 2017 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the last few decades, considerable attention has been paid to the methodology of mainstream economics. It is not mere chance that economics is surrounded by methodological debates. If its relevance is at stake, this can be either refuted or proven most efficiently at a methodological level. Arguments for and against mainstream economics underline the methodological homogeneity of mainstream economics, while serious, though almost neglected, arguments can be found for a view according to which the long history of mainstream economics can be described as a sequence of methodological breaks. I argue, firstly, for a sharp demarcation by new classical macroeconomics from the Friedmanian instrumentalism and, secondly, for the realism of new classicals. I strive to identify the epistemological principles underlying Lucas' models and to highlight the signs of that demarcation as well. I concentrate on the techniques by which new classicals could set their models into an indirect relationship with reality. It is also highlighted that the common terminology, according to which the assumptions of abstract economic models are uniformly regarded as “unrealistic”, actually refers to two different techniques. From these approaches, there is only one which can be justifiably labelled as realist.

Social Norms and the Theory of the Firm

Author : Douglas E. Stevens
Publisher : Cambridge University Press
ISBN 13 : 1108423329
Total Pages : 241 pages
Book Rating : 4.1/5 (84 download)

DOWNLOAD NOW!

Book Synopsis Social Norms and the Theory of the Firm by : Douglas E. Stevens

Download or read book Social Norms and the Theory of the Firm written by Douglas E. Stevens and published by Cambridge University Press. This book was released on 2018-10-18 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demonstrates the importance of social norms to firms and markets through historical context and theoretical and empirical evidence.

Foundations of Real-World Economics

Author : John Komlos
Publisher : Routledge
ISBN 13 : 1351584707
Total Pages : 452 pages
Book Rating : 4.3/5 (515 download)

DOWNLOAD NOW!

Book Synopsis Foundations of Real-World Economics by : John Komlos

Download or read book Foundations of Real-World Economics written by John Komlos and published by Routledge. This book was released on 2019-01-11 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 financial crisis, the rise of Trumpism and the other populist movements which have followed in their wake have grown out of the frustrations of those hurt by the economic policies advocated by conventional economists for generations. Despite this, textbooks continue to praise conventional policies such as deregulation and hyperglobalization. This textbook demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America. This volume explores the realities of oligopolies, the real impact of the minimum wage, the double-edged sword of free trade, and other ways in which powerful institutions cause distortions in the mainstream models. Bringing together the work of key scholars, such as Kahneman, Minsky, and Schumpeter, this book demonstrates how we should take into account the inefficiencies that arise due to asymmetric information, mental biases, unequal distribution of wealth and power, and the manipulation of demand. This textbook offers students a valuable introductory text with insights into the workings of real markets not just imaginary ones formulated by blackboard economists. A must-have for students studying the principles of economics as well as micro- and macroeconomics, this textbook redresses the existing imbalance in economic teaching. Instead of clinging to an ideology that only enriched the 1%, Komlos sketches the outline of a capitalism with a human face, an economy in which people live contented lives with dignity instead of focusing on GNP.

Problem Realistyczności Założeń W Teorii Ekonomii (The Problem of Realisticness of Assumptions in Economic Theory).

Author : Lukasz Hardt
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

DOWNLOAD NOW!

Book Synopsis Problem Realistyczności Założeń W Teorii Ekonomii (The Problem of Realisticness of Assumptions in Economic Theory). by : Lukasz Hardt

Download or read book Problem Realistyczności Założeń W Teorii Ekonomii (The Problem of Realisticness of Assumptions in Economic Theory). written by Lukasz Hardt and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: W artykule stawia się pytanie o to, czy realistyczne modele ekonomiczne muszą być oparte na realistycznych założeniach. W pierwszej części artykułu precyzujemy rozumienie roli i charakteru założeń w teorii ekonomii, jak też znaczenie samego pojęcia ich realistyczności. Następnie odwołujemy się do artykułu The Methodology of Positive Economics M. Friedmana z 1953 r. i odczytujemy ten tekst z perspektywy realistycznej, tj. twierdzimy, że dopuszczalnym, a nawet pożądanym, jest abstrahowanie od czynników o drugorzędnym znaczeniu dla wyjaśnianych przez nas zjawisk, ale jednocześnie, iż wątpliwym jest pomijanie tych czynników, które w istotny sposób je determinują. W końcowej części artykułu odnosimy się do aktualnej dyskusji o stanie teorii ekonomii, w ramach której często się jej zarzuca, iż stosuje modele oparte na nierealistycznych założeniach. Stawiamy tutaj tezę, iż ważne jest to nie czy, ale od czego się abstrahuje. W rezultacie, nieuprawnionym staje się stwierdzenie, iż realistyczne modele muszą być oparte na realistycznych założeniach. The article poses the question of whether realistic economic models must be based on realistic assumptions. The first section clarifies the understanding of the role and nature of the assumptions in economic theory, as well as the importance of the notion of their realisticness. Next, we refer to the Friedman's 1953 paper 'The Methodology of Positive Economics' and we interpret it from the realistic perspective. Therefore, we claim that abstracting from factors of secondary importance is acceptable and in many cases even desirable. However, it is doubtful skipping those factors that significantly determine the phenomena economic models explain. In the final part of the article we refer to the current discussion about the state of economic theory, in which many blame it of building models based on unrealistic assumptions. We argue that the method of isolation as such is not the problem, however, it matters of what we are abstracting from. As a result, it is not true that realistic models must be based on realistic assumptions.

Economics and Reality

Author : Tony Lawson
Publisher : Routledge
ISBN 13 : 1134735103
Total Pages : 388 pages
Book Rating : 4.1/5 (347 download)

DOWNLOAD NOW!

Book Synopsis Economics and Reality by : Tony Lawson

Download or read book Economics and Reality written by Tony Lawson and published by Routledge. This book was released on 1997-01-02 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'No reality please. We're economists'. There is a wide spread belief that modern economics is irrelevant to the understanding of the real world. In a controversial and original study, Tony Lawson argues that the root of this irrelevance is in the failure of economists to find methods and tools which are appropriate for the social world it addresses

Economic Theory for the Real World

Author : Víctor A. Beker
Publisher :
ISBN 13 : 9781032498553
Total Pages : 0 pages
Book Rating : 4.4/5 (985 download)

DOWNLOAD NOW!

Book Synopsis Economic Theory for the Real World by : Víctor A. Beker

Download or read book Economic Theory for the Real World written by Víctor A. Beker and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "After the Great Financial Crisis economic theory was fiercely criticized from both outside and inside the discipline for being incapable of explaining a crisis of such magnitude. Slowly but persistently, new strands of economic thought are developing, to replace the old-fashioned neoclassical economic theory, which have a common characteristic: they are better suited to help understand the real-world economy. This book explores the key tenets and applications of these. The book opens with an explanation of the 'real world' approach to economics in which theoretical models resemble real world situations, realistic assumptions are made, and factors such as uncertainty, coordination problems and bounded rationality are incorporated. Additionally, the book explores the ramifications of considering the economy as both a dynamic system - with a past, present and future - as well as a complex one. These theoretical precepts of the real world economy are then applied to some of the most pressing economic issues facing the world today including ecological sustainability, the rise of corporate power, the growing dominance of the financial world, and rising unemployment, poverty and inequality. In each case, the book reveals the insights of the shortcomings of the neoclassical approach which fails to illuminate the complexities behind each issue. It is demonstrated that, by contrast, adopting an approach grounded in the real world has the power to produce policy proposals to help tackle these problems. This book is essential reading for anyone seeking a deeper understanding of the economy, including readers from economics and across the social sciences"--

Model Building in Economics

Author : Lawrence A. Boland
Publisher : Cambridge University Press
ISBN 13 : 1107032946
Total Pages : 297 pages
Book Rating : 4.1/5 (7 download)

DOWNLOAD NOW!

Book Synopsis Model Building in Economics by : Lawrence A. Boland

Download or read book Model Building in Economics written by Lawrence A. Boland and published by Cambridge University Press. This book was released on 2014 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concern about the role and the limits of modeling has heightened after repeated questions were raised regarding the dependability and suitability of the models that were used in the run-up to the 2008 financial crash. In this book, Lawrence Boland provides an overview of the practices of and the problems faced by model builders to explain the nature of models, the modeling process, and the possibility for and nature of their testing. In a reflective manner, the author raises serious questions about the assumptions and judgments that model builders make in constructing models. In making his case, he examines the traditional microeconomics-macroeconomics separation with regard to how theoretical models are built and used and how they interact, paying particular attention to the use of equilibrium concepts in macroeconomic models and game theory and to the challenges involved in building empirical models, testing models, and using models to test theoretical explanations.