Econometric reduction theory and philosophy
AbstractEconometric reduction theory provides a comprehensive probabilistic framework for the analysis and classification of the reductions (simplifications) associated with empirical econometric models. However, the available approaches to econometric reduction theory are unable to satisfactorily accommodate a commonplace theory of social reality, namely that the course of history is indeterministic, that history does not repeat itself and that the future depends on the past. Using concepts from philosophy this paper proposes a solution to these shortcomings, which in addition permits new reductions, interpretations and definitions.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Journal of Economic Methodology.
Volume (Year): 17 (2010)
Issue (Month): 1 ()
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- B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
- C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
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- BAUWENS, Luc & SUCARRAT, Genaro, 2006.
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CORE Discussion Papers
2006021, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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- Kvamsdal, Sturla F., 2012. "Technological Change in Renewable Resource Industries: An Alternative Estimation Approach," Discussion Papers 2012/14, Department of Business and Management Science, Norwegian School of Economics.
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