Construction of Empirical Models: The System of Factor Rules (SFR)
Chapter Chapter 5 in The Entrepreneur in Rule-Based Economics, 2017, pp 43-47 from Springer
Abstract After outlining the key premises of the rule-based approach, we explain how to determine the system of factor rules (SFR) relevant for the analysis of a “response rule” – the explanandum of an empirical study in rule-based economics. Subsequent sections outline how to identify “factor rules” as potential explanantia, how to clear one’s preliminary list of factor rules from prices and quantities, how to organise factor rules by rule class and order, how to determine the nature of their impact on the explanandum and how to infer on interdependencies between factor rules. Having followed these steps, an SFR should embrace all factor rules that have potentially caused change in the response rule during the investigation period.
Keywords: Fact Rules; Basic Economic Rules; Response Rule; Explanandum; Savings Rule (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eccchp:978-3-319-62779-3_5
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