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On the Robustness of Economic Models

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  • 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://aisberg.unibg.it/bitstream/10446/163/1/WPEco08(2002)Guala.pdf
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Bibliographic 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
Date of revision:
Handle: RePEc:brg:wpaper:0208

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  1. ENGLE, Robert F. & HENDRY, David F. & RICHARD, Jean-François, . "Exogeneity," CORE Discussion Papers RP -516, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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  2. Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer.
  3. Mary Morgan, 2001. "Models, stories and the economic world," Journal of Economic Methodology, Taylor & Francis Journals, vol. 8(3), pages 361-384.
  4. Hoover,Kevin D., 2001. "Causality in Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521452175, December.
  5. Hausman, Daniel M., 1998. "Problems with Realism in Economics," Economics and Philosophy, Cambridge University Press, vol. 14(02), pages 185-213, October.
  6. Marcel Boumans & Mary Morgan, 2002. "Ceteris paribus conditions: materiality and the application of economic theories," Journal of Economic Methodology, Taylor & Francis Journals, vol. 8(1), pages 11-26.
  7. Maki, Uskali, 2000. "Kinds of Assumptions and Their Truth: Shaking an Untwisted F-Twist," Kyklos, Wiley Blackwell, vol. 53(3), pages 317-36.
  8. 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.
  9. Hoover,Kevin D., 2001. "The Methodology of Empirical Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521802727, December.
  10. Nancy Cartwright, 1991. "Replicability, Reproducibility, and Robustness: Comments on Harry Collins," History of Political Economy, Duke University Press, vol. 23(1), pages 143-155, Spring.
  11. Herbert A. Simon, 1996. "The Sciences of the Artificial, 3rd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691914, January.
  12. 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.
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Cited by:
  1. Francesco Guala & Andrea Salanti, 2002. "Model-robustness in ‘old’ and ‘new’ growth theory," Working Papers 0201, University of Bergamo, Department of Economics.

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