Economics: Between Prediction and Criticism, Second Version

Itzhak Gilboa, Andrew Postlewaite, Larry Samuelson () and David Schmeidler
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Larry Samuelson: Department of Economics, Yale University

PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania

Abstract: We suggest that one way in which economic analysis is useful is by offering a critique of reasoning. According to this view, economic theory may be useful not only by providing predictions, but also by pointing out weaknesses of arguments. It is argued that, when a theory requires a non-trivial act of interpretation, its roles in producing predictions and offering critiques vary in a substantial way. We offer a formal model in which these different roles can be captured.

Pages: 52 pages
Date: 2016-10-30, Revised 2016-10-30
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Persistent link: https://EconPapers.repec.org/RePEc:pen:papers:16-004

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