Econometrics and the Philosophy of Economics

Theory-Data Confrontations in Economics

Häftad, Engelska, 2015

AvBernt P. Stigum

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As most econometricians will readily agree, the data used in applied econometrics seldom provide accurate measurements for the pertinent theory's variables. Here, Bernt Stigum offers the first systematic and theoretically sound way of accounting for such inaccuracies. He and a distinguished group of contributors bridge econometrics and the philosophy of economics--two topics that seem worlds apart. They ask: How is a science of economics possible? The answer is elusive. Economic theory seems to be about abstract ideas or, it might be said, about toys in a toy community. How can a researcher with such tools learn anything about the social reality in which he or she lives? This book shows that an econometrician with the proper understanding of economic theory and the right kind of questions can gain knowledge about characteristic features of the social world. It addresses varied topics in both classical and Bayesian econometrics, offering ample evidence that its answer to the fundamental question is sound.The first book to comprehensively explore economic theory and econometrics simultaneously, Econometrics and the Philosophy of Economics represents an authoritative account of contemporary economic methodology. About a third of the chapters are authored or coauthored by Heather Anderson, Erik Biorn, Christophe Bontemps, Jeffrey A. Dubin, Harald E. Goldstein, Clive W.J. Granger, David F. Hendry, Herman Ruge-Jervell, Dale W. Jorgenson, Hans-Martin Krolzig, Nils Lid Hjort, Daniel L. McFadden, Grayham E. Mizon, Tore Schweder, Geir Storvik, and Herman K. van Dijk.

Produktinformation

Utgivningsdatum2015-12-29
Mått152 x 235 x 50 mm
Vikt851 g
FormatHäftad
SpråkEngelska
Antal sidor792
FörlagPrinceton University Press
ISBN9780691168241

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List of Figures ix List of Tables xi Preface xv Chapter 1: Introduction 1 PART I. FACTS AND FICTION IN ECONOMETRICS 31 Chapter 2: The Construction of Social Reality 33 Chapter 3: The Social Construction of Reality 52 Chapter 4: Facts and Fiction in Econometrics 71 PART II. THEORIZING IN ECONOMICS 93 Chapter 5: Theories and Models 95 Chapter 6: The Purport of an Economic Theory 117 Chapter 7: Rationality in Economics 143 Chapter 8: Topological Artifacts and Life in Large Economies 168 PART III. THEORY-DATA CONFRONTATIONS IN ECONOMICS 191 Chapter 9: Rational Animals and Sample Populations 193 Chapter 10: The Theory Universe 216 Chapter 11: The Data Universe 237 Chapter 12: The Bridge Principles 262 PART IV. DATA ANALYSES 283 Chapter 13: Frequentist Analogues of Priors and Posteriors Tore Schweder and Nils Lid Hjort 285 Chapter 14: On the COLS and CGMM Moment Estimation Methods for Frontier Production Models Harald E. Goldstein 318 Chapter 15: Congruence and Encompassing Christophe Bontemps and Grayham E. Mizon 354 Chapter 16: New Developments in Automatic General-to-Specific Modeling David F. Hendry and Hans-Martin Krolzig 379 PART V. EMPIRICAL RELEVANCE 421 Chapter 17: Conjectures, Theories, and Their Empirical Relevance 423 Chapter 18: Probability versus Capacity in Choice under Uncertainty 458 Chapter 19: Evaluation of Theories and Models Clive W. J. Granger 480 PART VI. DIAGNOSTICS AND SCIENTIFIC EXPLANATION 497 Chapter 20: Diagnoses and Defaults in Artificial Intelligence and Economics 499 Appendix: Section 20.3 from a Logical Point of View by Herman Ruge Jervell 520 Chapter 21: Explanations of an Empirical Puzzle: What Can Be Learned from a Test of the Rational Expectations Hypothesis? Heather M. Anderson 525 Chapter 22: Scientific Explanation in Economics 558 Chapter 23: Scientific Explanation in Econometrics: A Case Study Heather M. Anderson, Bernt P. Stigum, and Geir Olve Storvik 578 PART VII. CONTEMPORARY ECONOMETRIC ANALYSES 611 Chapter 24: Handling the Measurement Error Problem by Means of Panel Data: Moment Methods Applied on Firm Data Erik Biorn 613 Chapter 25: On Bayesian Structural Inference in a Simultaneous Equation Model Herman K. van Dijk 642 Chapter 26: An Econometric Analysis of Residential Electric Appliance Holdings and Consumption Jeffrey A. Dubin and Daniel L. McFadden 683 Chapter 27: Econometric Methods for Applied General Equilibrium Analysis Dale W. Jorgenson 702 Index 755

"[A] remarkably ambitious and largely unprecedented analysis of the philosophical foundations of econometrics... Stigum has made a bold attempt to understand the enterprise of econometrics in its original formulation. It is not only a difficult book, but also a rich and provocative one. No other such work exists. It sets the standard against which any future contribution to the philosophical foundations of econometrics will be judged."--Kevin D. Hoover, Research in the History of Economic Thought & Methodology