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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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Author Info
Rodolphe Buda

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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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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
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Handle: RePEc:drm:wpaper:2007-9

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

Find related papers by JEL classification:
B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
C5 - Mathematical and Quantitative Methods - - Econometric Modeling
C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques
C87 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Econometric Software
C88 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other Computer Software

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  1. Tesfatsion, Leigh S., 2006. "Agent-Based Computational Economics: A Constructive Approach to Economic Theory," Staff General Research Papers 12514, Iowa State University, Department of Economics. [Downloadable!]
    Other versions:
  2. Buda, Rodolphe, 1999. "Quantitative Economic Modeling vs Methodological Individualism ?," MPRA Paper 4004, University Library of Munich, Germany. [Downloadable!]
  3. Paul Cockshott, . "Calculation, Complexity and Planning: The Socialist Calculation Debate Once Again," Papers deposited by Authors _014, Post-Keynesian Archive. [Downloadable!]
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  5. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 322. [Downloadable!] (restricted)
    Other versions:
  6. Foss, Nicolai, 2000. " Austrian Economics and Game Theory: A Stocktaking and an Evaluation," The Review of Austrian Economics, Springer, vol. 13(1), pages 41-58, February. [Downloadable!] (restricted)
  7. Nagurney, Anna, 1996. "Parallel computation," Handbook of Computational Economics, in: H. M. Amman & D. A. Kendrick & J. Rust (ed.), Handbook of Computational Economics, edition 1, volume 1, chapter 7, pages 335-404 Elsevier. [Downloadable!] (restricted)
  8. Nicolaas J. Vriend, 2005. "ACE Models of Endogenous Interactions," Working Papers 542, Queen Mary, University of London, Department of Economics. [Downloadable!]
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  9. Duffy, John, 2006. "Agent-Based Models and Human Subject Experiments," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 19, pages 949-1011 Elsevier. [Downloadable!] (restricted)
    Other versions:
  10. Miller, John H. & Butts, Carter T. & Rode, David, 2002. "Communication and cooperation," Journal of Economic Behavior & Organization, Elsevier, vol. 47(2), pages 179-195, February. [Downloadable!] (restricted)
  11. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January. [Downloadable!] (restricted)
  12. Boettke, Peter J, 2002. " Information and Knowledge: Austrian Economics in Search of its Uniqueness," The Review of Austrian Economics, Springer, vol. 15(4), pages 263-74, December. [Downloadable!] (restricted)
  13. Cowan, Robin & Rizzo, Mario J, 1996. "The Genetic-Causal Tradition and Modern Economic Theory," Kyklos, Blackwell Publishing, vol. 49(3), pages 273-317.
  14. Tesfatsion, Leigh S. & Judd, Kenneth L., 2003. "Handbook of Computational Economics, Vol. 2: Agent-Based Computational Economics," Staff General Research Papers 10368, Iowa State University, Department of Economics. [Downloadable!]
  15. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002. [Downloadable!]
  16. Gode, Dhananjay K & Sunder, Shyam, 1993. "Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality," Journal of Political Economy, University of Chicago Press, vol. 101(1), pages 119-37, February. [Downloadable!] (restricted)
  17. Hans M. Amman & David A. Kendrick, . "Computational Economics," Online economics textbooks, SUNY-Oswego, Department of Economics, number comp1, March. [Downloadable!]
  18. Kydland, Finn E & Prescott, Edward C, 1996. "The Computational Experiment: An Econometric Tool," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 69-85, Winter. [Downloadable!] (restricted)
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