Rule-Based Economics in Empirical Practice: Effective Tool for Theory Building
Chapter Chapter 16 in The Entrepreneur in Rule-Based Economics, 2017, pp 175-182 from Springer
Abstract We assess the benefits and challenges that rule-based economics implies for theory building and empirical research. Benchmarking empirical results drawn from an original study presented earlier against evidence from inquiries relying on more traditional approaches it can be shown that rule-based analysis implies four important advantages: (1) the distinction of rules from operations enables a more clear-cut analysis and helps to exclude false positives, (2) the distinction of sub-groups of agents allows conducting more profound analysis, (3) the transdisciplinary nature of rule-based economics enables the testing of a more complete set of influencing factors, and (4) the evolutionary perspective secures the inclusion of dynamic phenomena. At the same time, rule-based economics implies a number of challenges such as intricacies linked to the distinction of rules from operations, data availability issues and a considerably larger workload. In spite of these challenges, rule-based economics offers potential for superior research outcomes if the methodological guidance is duly followed.
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