 Computing, the bootstrap and economicsCanadian Journal of Economics, 2015, vol. 48, issue 4, 1195-1214 Abstract: A major contention in this paper is that scientific models can be viewed as virtual realities, implemented, or rendered, by mathematical equations or by computer simulations. Their purpose is to help us understand the external reality that they model. In economics, particularly in econometrics, models make use of random elements, so as to provide quantitatively for phenomena that we cannot or do not wish to model explicitly. By varying the realizations of the random elements in a simulation, it is possible to study counterfactual outcomes, which are necessary for any discussion of causality. The bootstrap is virtual reality within an outer reality. The principle of the bootstrap is that, if its virtual reality mimics as closely as possible the reality that contains it, it can be used to study aspects of that outer reality. The idea of bootstrap iteration is explored, and a discrete model discussed that allows investigators to perform iteration to any desired level. JEL-codes: C10 (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:cje:issued:v:48:y:2015:i:4:p:1195-1214 Ordering information: This journal article can be ordered from Access Statistics for this article Canadian Journal of Economics is currently edited by Zhiqi Chen More articles in Canadian Journal of Economics from Canadian Economics Association Canadian Economics Association Prof. Werrner Antweiler, Treasurer UBC Sauder School of Business 2053 Main Mall Vancouver, BC, V6T 1Z2. Contact information at EDIRC. |
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