Theory and Models

Darren Grant ()

Chapter Chapter 6 in Methods of Economic Research, 2018, pp 71-91 from Springer

Abstract: Abstract This chapter distinguishes a theory from a model and lays out the threefold objectives of economic models. It demonstrates how to negotiate the tradeoffs involved in meeting these objectives, and specifies three instruments that can be used for this purpose. These ideas come to life in applications to attorney compensation, insurance pricing and valuation, the behavior of government bureaucracies, the size of cities, and more.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-030-01734-7_6

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DOI: 10.1007/978-3-030-01734-7_6

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