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On the Robustness of Economic Models

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Author Info
Francesco Guala () (Department of Sociology & Philosophy, University of Exeter)
Andrea Salanti (Department of Management and Information Technology, University of Bergamo)
Abstract

We investigate the different ways in which the results of theoretical models can be ‘robust’. We identify three kinds of ‘robustness’: (1) robustness to changes in the model’s idealisations; (2) robustness to changes in the ‘background’ conditions; (3) robustness to changes in the implied causal mechanism. Each of these is discussed and illustrated by means of examples from economic practice.

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File URL: http://www.unibg.it/dati/bacheca/653/7156.pdf
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File Function: Version, 2002
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Publisher Info
Paper provided by University of Bergamo, Department of Economics in its series Working Papers with number 0208.

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Length: 24 pages
Date of creation: 2002
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Handle: RePEc:brg:wpaper:0208

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  1. Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer. [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)
  3. Grether, David M & Plott, Charles R, 1979. "Economic Theory of Choice and the Preference Reversal Phenomenon," American Economic Review, American Economic Association, vol. 69(4), pages 623-38, September. [Downloadable!] (restricted)
  4. Marcel Boumans, Mary S. Morgan, 2001. "Ceteris paribus conditions: materiality and the application of economic theories," Journal of Economic Methodology, Taylor and Francis Journals, vol. 8(1), pages 11-26, March. [Downloadable!] (restricted)
  5. Mary S. Morgan, 2001. "Models, stories and the economic world," Journal of Economic Methodology, Taylor and Francis Journals, vol. 8(3), pages 361-384, November. [Downloadable!] (restricted)
  6. Engle, Robert F & Hendry, David F & Richard, Jean-Francois, 1983. "Exogeneity," Econometrica, Econometric Society, vol. 51(2), pages 277-304, March. [Downloadable!] (restricted)
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  7. Maki, Uskali, 2000. "Kinds of Assumptions and Their Truth: Shaking an Untwisted F-Twist," Kyklos, Blackwell Publishing, vol. 53(3), pages 317-36.
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This page was last updated on 2009-11-25.

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