Recent advances on testability in economic equilibrium models

Andrés Carvajal

Journal of Mathematical Economics, 2024, vol. 114, issue C

Abstract: The revealed preference program started by Paul Samuelson brought a Popperian view of what constituted true scientific discovery to economic theory.11Samuelson (1938). In his Foundations, Samuelson states that “meaningful theorems” are hypotheses “about empirical data which could conceivably be refuted”.22See Samuelson (1947), p. 4. He worried that by appealing to unobservable fundamentals such as preferences, the body of economic theory built upon the premise of rational individual choice lacked a scientific foundation.

Keywords: Refutability; Testability; Revealed preferences; Empirical implications (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:114:y:2024:i:c:s030440682400079x

DOI: 10.1016/j.jmateco.2024.103019

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