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Propositions for the Building of a Quantitative Austrian Modelling: An Answer to Prof. Rizzo and to Prof. Vriend

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  • Rodolphe Buda

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

In this paper, we try to promote the building of a Quantitative Austrian Modelling (QAM). QAM must be viewed as a complementary quantitative prolongation of the Austrian methods and as a complementary approach to the already existing quantitative approaches - especially we would like here to answer to the appeal of Prof. N.J.Vriend [61]. As we explain it in the first part, our approach resulted from a critical view of the econometric procedures by Austrian methods and, from a theoretical instrumental study of the econometric models. We define the main properties to quantitative approaches and especially to the QAM. In the second part, we present QAM principles and equations (of the AUSTRIAN model), and justify it according to the classical Austrian point of view. The QAM could be viewed as an answer to Prof. M.J.Rizzo [49] about the relationship between the Praxeology and the Econometrics. Indeed, according to its properties, even if QAM won't be able to recreate any observable data, it could give a consistent pattern where the other quantitative approaches could fit. Especially, QAM could help, we hope so, to answer the question we asked about the quality of the econometric behavioral equations [8], in providing two levels of data, from where we could extract a relationship useful to correct observable econometric data. QAM is in building.

Suggested Citation

  • Rodolphe Buda, 2007. "Propositions for the Building of a Quantitative Austrian Modelling: An Answer to Prof. Rizzo and to Prof. Vriend," Working Papers hal-04139234, HAL.
    • Handle: RePEc:hal:wpaper:hal-04139234
    Note: View the original document on HAL open archive server: https://hal.science/hal-04139234
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    References listed on IDEAS

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    1. Foss, Nicolai, 2000. "Austrian Economics and Game Theory: A Stocktaking and an Evaluation," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 13(1), pages 41-58, February.
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    6. Tesfatsion, Leigh, 2006. "Agent-Based Computational Economics: A Constructive Approach to Economic Theory," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 16, pages 831-880, Elsevier.
    7. Tesfatsion, Leigh, 2001. "Introduction to the special issue on agent-based computational economics," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 281-293, March.
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    9. Gode, Dhananjay K & Sunder, Shyam, 1993. "Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality," Journal of Political Economy, University of Chicago Press, vol. 101(1), pages 119-137, February.
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    Keywords

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    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C87 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Econometric Software
    • C88 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other Computer Software

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