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A criterion for realism, with an application to behavioral economic models

Gustavo Marqués () and Diego Weisman ()
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Gustavo Marqués: University of Buenos Aires
Diego Weisman: University of Buenos Aires

The Journal of Philosophical Economics, 2015, vol. 9, issue 1

Abstract: Many economists working within the framework of behavioral economics (BE) label the conventional way of modeling as unrealistic, and consider their own approach as more realistic than the standard practice. However, a criterion for realism is lacking in behavioral economics literature. This paper offers a simple criterion for predicating realism to economic models, and provides an illustration of such criterion at work on a particular BE model.

Keywords: realism; behavioural economics; philosophy of economics; economic models (search for similar items in EconPapers)
JEL-codes: B50 B40 D03 (search for similar items in EconPapers)
Date: 2015
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Handle: RePEc:bus:jphile:v:9:y:2015:i:1:n:5