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ECONOMIC MODELS, REALISM AND SIMILARITY

Leonardo Ivarola ()

No 2021-63, Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) from Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET)

Abstract: In the present paper it is argued that differences among economic models are basically differences in their selected part of the real world these models try to account for. Therefore, their range of applicability to a target system turns out to be important for their selection to particular purposes. In this respect, an approach based on the similarity of models to a target system and to the modelers’ purposes is provided. It is also argued that models vary in values of similarity. These values will help agents to select the model that best meets the role of examining some phenomenon of interest.

Keywords: Similarity; Economic models; Mechanisms; Possibility tree; Substantive assumptions; Domain of applicability (search for similar items in EconPapers)
JEL-codes: B41 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2021-06
New Economics Papers: this item is included in nep-hme and nep-hpe
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