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Defence of Absurd Theories in Economics

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Author Info
Nordberg, Morten () (The Ragnar Frisch Centre for Economic Research)
Røgeberg, Ole Jørgen () (The Ragnar Frisch Centre for Economic Research)

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Abstract

Theories that involve plainly false and even bizarre assumptions are argued to have an important role in bundling empirical facts in a way that allows these to be understood, handled and used as modules in the construction of mechanisms by economists with human cognitive limits. Absurd theories are subcomponents used in a valid explanatory strategy as long as the mechanisms only derive the implications of the facts summarised. This provides a defence and explanation of many economic theories, but also imposes hard limits on such theorising.

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File URL: http://www.hero.uio.no/publicat/2003/HERO2003_18.pdf
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Publisher Info
Paper provided by Oslo University, Health Economics Research Programme in its series HERO On line Working Paper Series with number 2003:18.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 25 pages
Date of creation: 22 Jun 2009
Date of revision:
Handle: RePEc:hhs:oslohe:2003_018

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Postal: HERO / Institute of Health Management and Health Economics P.O. Box 1089 Blindern, N-0317 Oslo, Norway
Phone: 2307 5309
Fax: 2307 5310
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Web page: http://www.hero.uio.no/eng.html
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Related research
Keywords: As-if theory; Economic methodology; welfare economics;

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Find related papers by JEL classification:
B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
D00 - Microeconomics - - General - - - General

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  2. McFadden, Daniel, 1999. "Rationality for Economists?," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 73-105, December. [Downloadable!] (restricted)
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  3. Hausman, Daniel M, 1989. "Economic Methodology in a Nutshell," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 115-27, Spring. [Downloadable!] (restricted)
  4. Dawes, Robyn M., 1999. "A message from psychologists to economists: mere predictability doesn't matter like it should (without a good story appended to it)," Journal of Economic Behavior & Organization, Elsevier, vol. 39(1), pages 29-40, May. [Downloadable!] (restricted)
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  6. Boland, Lawrence A, 1981. "On the Futility of Criticizing the Neoclassical Maximization Hypothesis," American Economic Review, American Economic Association, vol. 71(5), pages 1031-36, December. [Downloadable!] (restricted)
  7. Schoemaker, Paul J H, 1982. "The Expected Utility Model: Its Variants, Purposes, Evidence and Limitations," Journal of Economic Literature, American Economic Association, vol. 20(2), pages 529-63, June. [Downloadable!] (restricted)
  8. Simon, Herbert A, 1979. "Rational Decision Making in Business Organizations," American Economic Review, American Economic Association, vol. 69(4), pages 493-513, September. [Downloadable!] (restricted)
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