Econometric 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 satisfactory 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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Paper provided by Universidad Carlos III, Departamento de EconomÃa in its series Economics Working Papers with number
we091005.
Find related papers by JEL classification: B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
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