Econometric reduction theory and philosophy
Journal of Economic Methodology, 2010, vol. 17, issue 1, 53-75
Econometric reduction theory provides a comprehensive probabilistic framework for the analysis and classification of the reductions (simplifications) associated with empirical econometric models. However, the available approaches to econometric reduction theory are unable to satisfactorily accommodate a commonplace theory of social reality, namely that the course of history is indeterministic, that history does not repeat itself and that the future depends on the past. Using concepts from philosophy this paper proposes a solution to these shortcomings, which in addition permits new reductions, interpretations and definitions.
Keywords: theory of reduction; DGP; possible worlds; econometrics and philosophy (search for similar items in EconPapers)
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