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Credible worlds: the status of theoretical models in economics

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Author Info
Robert Sugden

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Abstract

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 credible the model is as an account of what could have been true.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Journal of Economic Methodology.

Volume (Year): 7 (2000)
Issue (Month): 1 (March)
Pages: 1-31
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Handle: RePEc:taf:jecmet:v:7:y:2000:i:1:p:1-31

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Related research
Keywords: Methodology Of Economics; Economic Models; Induction;

References listed on IDEAS
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  1. McCloskey, Donald N, 1983. "The Rhetoric of Economics," Journal of Economic Literature, American Economic Association, vol. 21(2), pages 481-517, June. [Downloadable!] (restricted)
  2. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. García-Bermejo, Juan Carlos, 2007. "Building and Using Models as Examples," Working Papers in Economic Theory 2007/06, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History). [Downloadable!]
  2. Philip R. P. Coelho & James E. McClure, 2007. "The Market for Lemmas," Working Papers 200702, Ball State University, Department of Economics, revised Apr 2007. [Downloadable!]
  3. Francesco Guala & Luigi Mittone, 2002. "Experiments in Economics: Testing Theories vs. the Robustness of Phenomena," CEEL Working Papers 0209, Computable and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia. [Downloadable!]
  4. Boris Salazar, 2004. "Nash y von Neumann: mundos posibles y juegos de lenguaje," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 6(10), pages 71-94, January-J. [Downloadable!]
  5. N. Emrah Aydinonat, 2005. "An interview with Thomas C. Schelling: Interpretation of game theory and the checkerboard model," Economics Bulletin, Economics Bulletin, vol. 2(2), pages 1-7. [Downloadable!]
    Other versions:
  6. Magni, Carlo Alberto, 2003. "Opportunity cost, excess profit and counterfactual conditionals," MPRA Paper 5695, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  7. Boris Salazar, 2007. "Thomas C. Schelling: la paradoja de un economista errante," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 9(17), pages 131-152, July-Dece. [Downloadable!]
  8. Carlo Alberto, Magni, 2008. "Splitting Up Value: A Critical Review of Residual Income Theories," MPRA Paper 10506, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  9. SALMON, Pierre, 2005. "Qu'est-ce qui représente quoi? Réflexions sur la nature et le rôle des modèles en économie," LEG - Document de travail - Economie 2005-07, LEG, Laboratoire d'Economie et de Gestion, CNRS UMR 5118, Université de Bourgogne. [Downloadable!]
  10. Roberto Leombruni, 2002. "The Methodological Status of Agent-Based Simulations," LABORatorio R. Revelli Working Papers Series 19, LABORatorio R. Revelli, Centre for Employment Studies. [Downloadable!]
  11. repec:nuf:esohwp:0560 is not listed on IDEAS
  12. Matteo Richiardi, 2004. "The Promises and Perils of Agent-Based Computational Economics," Computational Economics 0401001, EconWPA. [Downloadable!]
    Other versions:
  13. Avner Offer, 2005. "The Markup for Lemons: Quality and Uncertainty in American and British Used-Car Markets, c. 1953-1973," Oxford University Economic and Social History Series _060, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
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