Inference to the Best Model of the Consumption Function

Hsiang-Ke Chao

History of Political Economy, 2019, vol. 51, issue 3, 493-513

Abstract: Empirical tests in economics may not decisively confirm or disconfirm a theory. Three cases of studies of consumption function from the 1930s to the early 1970s discussed in this article show that we can interpret economists’ practices as inferences to derive the best model from the available evidence as well as from the competition among available models.

Keywords: inference to the best model; consumption function; naive model test; strength of evidence (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:hop:hopeec:v:51:y:2019:i:3:p:493-513

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