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 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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Bibliographic InfoPaper provided by Universidad Carlos III, Departamento de Economía in its series Economics Working Papers with number we091005.
Date of creation: Feb 2009
Date of revision:
Theory of reduction; DGP; Possible worlds; Econometrics and philosophy;
Other versions of this item:
- B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
- C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-03-07 (All new papers)
- NEP-CBA-2009-03-07 (Central Banking)
- NEP-ECM-2009-03-07 (Econometrics)
- NEP-HPE-2009-03-07 (History & Philosophy of Economics)
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