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On the Robustness of Economic Models

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Listed author(s):
  • 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.

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File URL: http://aisberg.unibg.it/bitstream/10446/163/1/WPEco08(2002)Guala.pdf
File Function: Version, 2002
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Paper provided by University of Bergamo, Department of Economics in its series Working Papers (-2012) with number 0208.

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Length: 24 pages
Date of creation: 2002
Handle: RePEc:brg:wpaper:0208
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  1. Engle, Robert F & Hendry, David F & Richard, Jean-Francois, 1983. "Exogeneity," Econometrica, Econometric Society, vol. 51(2), pages 277-304, March.
  2. Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer.
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  5. Hoover,Kevin D., 2001. "The Methodology of Empirical Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521003216, September.
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  7. Maki, Uskali, 2000. "Kinds of Assumptions and Their Truth: Shaking an Untwisted F-Twist," Kyklos, Wiley Blackwell, vol. 53(3), pages 317-336.
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  9. Nancy Cartwright, 1991. "Replicability, Reproducibility, and Robustness: Comments on Harry Collins," History of Political Economy, Duke University Press, vol. 23(1), pages 143-155, Spring.
  10. Herbert A. Simon, 1996. "The Sciences of the Artificial, 3rd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691914, July.
  11. Granger,Clive W. J., 1999. "Empirical Modeling in Economics," Cambridge Books, Cambridge University Press, number 9780521778251.
  12. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
  13. Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230, September.
  14. Roger E. Backhouse, 1997. "Truth and Progress in Economic Knowledge," Books, Edward Elgar Publishing, number 766.
  15. Hausman, Daniel M., 1998. "Problems with Realism in Economics," Economics and Philosophy, Cambridge University Press, vol. 14(02), pages 185-213, October.
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Cited by:

  1. Francesco Guala & Andrea Salanti, 2002. "Model-robustness in ‘old’ and ‘new’ growth theory," Working Papers (-2012) 0201, University of Bergamo, Department of Economics.
  2. 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.

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