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Propositions for the Building of a Quantitative Austrian Modelling: An Answer to Prof. Rizzo and to Prof. Vriend

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  • Rodolphe Buda

Abstract

In this paper, we try to promote the building of a Quantitative Austrian Modelling (QAM). QAM must be viewed as a complementary quantitative prolongation of the Austrian methods and as a complementary approach to the already existing quantitative approaches - especially we would like here to answer to the appeal of Prof. N.J.Vriend [61]. As we explain it in the first part, our approach resulted from a critical view of the econometric procedures by Austrian methods and, from a theoretical instrumental study of the econometric models. We define the main properties to quantitative approaches and especially to the QAM. In the second part, we present QAM principles and equations (of the AUSTRIAN model), and justify it according to the classical Austrian point of view. The QAM could be viewed as an answer to Prof. M.J.Rizzo [49] about the relationship between the Praxeology and the Econometrics. Indeed, according to its properties, even if QAM won't be able to recreate any observable data, it could give a consistent pattern where the other quantitative approaches could fit. Especially, QAM could help, we hope so, to answer the question we asked about the quality of the econometric behavioral equations [8], in providing two levels of data, from where we could extract a relationship useful to correct observable econometric data. QAM is in building.

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File URL: http://economix.fr/pdf/dt/2007/WP_EcoX_2007-9.pdf
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Bibliographic Info

Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2007-9.

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Length: 38 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:drm:wpaper:2007-9

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Keywords: Austrian Economics - Agent-based Computational Economics - Methodological Individualism - Quantitative approaches - Econometrics - Micro-Macroeconomic Bridge;

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  1. Buda, Rodolphe, 1999. "Quantitative Economic Modeling vs Methodological Individualism ?," MPRA Paper 4004, University Library of Munich, Germany.
  2. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002.
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