CONFIRMATION AND FALSIFICATION OF EQUILIBRIUM DISPLACEMENT MODELS

George C. Davis

No 20525, 2001 Annual meeting, August 5-8, Chicago, IL from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: One of the most important principles in any science is testing and consequently confirmation and falsification. In agricultural economics, the equilibrium displacement model is a popular modeling approach that presently is not testable and consequently cannot be confirmed or falsified. This paper presents four increasingly sophisticated procedures designed to overcome this limitation of equilibrium displacement models. An empirical illustration demonstrates the usefulness of these procedures in deciding between three alternative and theoretically viable equilibrium displacement models.

Keywords: Research Methods/ Statistical Methods (search for similar items in EconPapers)
Date: 2001
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