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On the Robustness of Economic Models

Author

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  • Francesco Guala

    () (Department of Sociology & Philosophy, University of Exeter)

  • Andrea Salanti

    (Department of Management and Information Technology, University of Bergamo)

Abstract

We investigate the different ways in which the results of theoretical models can be ‘robust’. We identify three kinds of ‘robustness’: (1) robustness to changes in the model’s idealisations; (2) robustness to changes in the ‘background’ conditions; (3) robustness to changes in the implied causal mechanism. Each of these is discussed and illustrated by means of examples from economic practice.

Suggested Citation

  • Francesco Guala & Andrea Salanti, 2002. "On the Robustness of Economic Models," Working Papers (-2012) 0208, University of Bergamo, Department of Economics.
  • Handle: RePEc:brg:wpaper:0208
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    References listed on IDEAS

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    10. Herbert A. Simon, 1996. "The Sciences of the Artificial, 3rd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691914, January.
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    14. Roger E. Backhouse, 1997. "Truth and Progress in Economic Knowledge," Books, Edward Elgar Publishing, number 766.
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    Cited by:

    1. Andrea Salanti, 2013. "Between the Scylla of Whig history and the Charybdis of methodological vacuum," Chapters,in: Mark Blaug: Rebel with Many Causes, chapter 14, pages 191-207 Edward Elgar Publishing.
    2. Francesco Guala & Andrea Salanti, 2002. "Model-robustness in ‘old’ and ‘new’ growth theory," Working Papers (-2012) 0201, University of Bergamo, Department of Economics.

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