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A criterion for realism, with an application to behavioral economic models

Author

Listed:
  • Gustavo Marqués

    (University of Buenos Aires)

  • Diego Weisman

    (University of Buenos Aires)

Abstract

Many economists working within the framework of behavioral economics (BE) label the conventional way of modeling as unrealistic, and consider their own approach as more realistic than the standard practice. However, a criterion for realism is lacking in behavioral economics literature. This paper offers a simple criterion for predicating realism to economic models, and provides an illustration of such criterion at work on a particular BE model.

Suggested Citation

  • Gustavo Marqués & Diego Weisman, 2015. "A criterion for realism, with an application to behavioral economic models," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 9(1), November.
    • Handle: RePEc:bus:jphile:v:9:y:2015:i:1:n:5
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    More about this item

    Keywords

    realism; behavioural economics; philosophy of economics; economic models;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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