Econometric reduction theory and philosophy
UC3M Working papers. Economics from Universidad Carlos III de Madrid. Departamento de Economía
Econometric reduction theory provides a comprehensive probabilistic framework for the analysis and classification of the reductions (simplifications) associated with empirical econometric models. However, the available approaches to econometric reduction theory are unable to satisfactory accommodate a commonplace theory of social reality, namely that the course of history is indeterministic, that history does not repeat itself and that the future depends on the past. Using concepts from philosophy this paper proposes a solution to these shortcomings, which in addition permits new reductions, interpretations and definitions.
Keywords: DGP; Possible; worlds; Theory; of; reduction; Econometrics; and; philosophy (search for similar items in EconPapers)
JEL-codes: B40 C50 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-ecm and nep-hpe
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Journal Article: Econometric reduction theory and philosophy (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:cte:werepe:we091005
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