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An Empirically-Based Microeconomics

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  • Simon,Herbert A.

Abstract

In his Mattioli Lectures, Nobel Laureate Professor Herbert A. Simon directs attention to the kinds of empirical research that are necessary for progress in microeconomics. He traces the development of neoclassical economic theory and its gradual retreat from empiricism to abstraction. He then discusses the importance of business firms to the economic system, and the need for a thoroughly empirical understanding of how organisations work and reach their decisions. Finally, he examines innovative approaches to empirical research, including experimental economics, observational methods for studying economic behaviour, and the kinds of simulation models that are needed to interpret decision process. A round-table discussion of these issues follows; the participants, in addition to Professor Simon, are Professors Claudio Dematte, Massimo Egidi, Richard M. Goodwin, Robert Marris, Aldo Montesano and Riccardo Viale.

Suggested Citation

  • Simon,Herbert A., 2009. "An Empirically-Based Microeconomics," Cambridge Books, Cambridge University Press, number 9780521118361.
    • Handle: RePEc:cup:cbooks:9780521118361
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    Cited by:

    1. Nair, Sujith & Blomquist, Tomas, 2021. "Exploring docility: A behavioral approach to interventions in business incubation," Research Policy, Elsevier, vol. 50(7).
    2. Giovanni Dosi & Joseph E Stiglitz, 2021. "Introduction to the first annual special issue on Macro Economics and Development [Beyond DSGE models: toward an empirically based macroeconomics]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 30(2), pages 269-271.
    3. Giovanni Dosi, 2022. "The Agenda for Evolutionary Economics: Results, Dead Ends, and Challenges Ahead," LEM Papers Series 2022/24, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    4. Jacob D Davidson & Ahmed El Hady, 2019. "Foraging as an evidence accumulation process," PLOS Computational Biology, Public Library of Science, vol. 15(7), pages 1-25, July.
    5. Riccardo Viale, 2018. "The normative and descriptive weaknesses of behavioral economics-informed nudge: depowered paternalism and unjustified libertarianism," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 17(1), pages 53-69, November.

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