ECONOMICS: BETWEEN PREDICTION AND CRITICISM

Itzhak Gilboa, Andrew Postlewaite, Larry Samuelson and David Schmeidler

International Economic Review, 2018, vol. 59, issue 2, 367-390

Abstract: We suggest that one way in which economic analysis is useful is by offering a critique of reasoning. According to this view, economic theory may be useful not only by providing predictions, but also by pointing out weaknesses of arguments. It is argued that when a theory requires a nontrivial act of interpretation, its roles in producing predictions and offering critiques vary in a substantial way. We offer a formal model in which these different roles can be captured.

Date: 2018
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https://doi.org/10.1111/iere.12273

Related works:
Working Paper: Economics: Between Prediction and Criticism (2017)
Working Paper: Economics: Between Prediction and Criticism (2016)
Working Paper: Economics: Between Prediction and Criticism (2016)
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