Should we use simultaneous equations to modeldecision-making? A methodological note

Paul Anand

Annals of Operations Research, 1998, vol. 80, issue 0, 253-262

Abstract: This paper argues for a careful consideration of the methodological underpinnings ofpositive decision theory. Two state-of-the-art papers published in Econometrica, whichsupport a variety of often contradictory conclusions about the empirical validity of theexpected utility model, are used to motivate a discussion of what models might be for, andtherefore what criteria should be used to determine their acceptance or rejection. It issuggested that progress in positive decision theory would be advanced if greater attentionwere given to causal structures and that this may, in turn, merit the use of simultaneousequation techniques. Copyright Kluwer Academic Publishers 1998

Date: 1998
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DOI: 10.1023/A:1018968015457

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