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Epistemic virtues and theory choice in economics

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  • Moscati, Ivan

Abstract

When economists have to choose between competing theories, they evaluate not only the theories’ empirical relevance, but also qualities like their simplicity, tractability, parsimony and unifying power. These are called the epistemic virtues of a theory. The present paper proposes a formal definition for some epistemic virtues and investigates their role for theory choice in economics.

Suggested Citation

  • Moscati, Ivan, 2006. "Epistemic virtues and theory choice in economics," LSE Research Online Documents on Economics 58429, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:58429
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    File URL: http://eprints.lse.ac.uk/58429/
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    References listed on IDEAS

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    1. George J. Stigler, 1947. "Notes on the History of the Giffen Paradox," Journal of Political Economy, University of Chicago Press, vol. 55(2), pages 152-152.
    2. Geanakoplos, John & Pearce, David & Stacchetti, Ennio, 1989. "Psychological games and sequential rationality," Games and Economic Behavior, Elsevier, vol. 1(1), pages 60-79, March.
    3. Adam Brandenburger, 1992. "Knowledge and Equilibrium in Games," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 83-101, Fall.
    4. Chris Starmer, 2000. "Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk," Journal of Economic Literature, American Economic Association, vol. 38(2), pages 332-382, June.
    5. Hands,D. Wade, 2001. "Reflection without Rules," Cambridge Books, Cambridge University Press, number 9780521797962.
    6. Guala,Francesco, 2005. "The Methodology of Experimental Economics," Cambridge Books, Cambridge University Press, number 9780521618618.
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    Cited by:

    1. Ivan Moscati, 2007. "History of consumer demand theory 1871 - 1971: A Neo-Kantian rational reconstruction," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 14(1), pages 119-156.
    2. Néstor Garza & Gisell Pugliese, 2009. "Elección teórica en economía: el caso de las teorías de crecimiento de Solow, Romer y Ramsey," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, June.
    3. Moscati, Ivan & Tubaro, Paola, 2009. "Random behavior and the as-if defense of rational choice theory in demand experiments," LSE Research Online Documents on Economics 27001, London School of Economics and Political Science, LSE Library.

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    More about this item

    Keywords

    epistemic virtues; syntactic properties; unifying power; exactness of implications; systematicity; semantic virtuosity;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D00 - Microeconomics - - General - - - General

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