A criterion for realism, with an application to behavioral economic models

Many economists working within the framework of behavioral economics (BE) label the conventional way of modeling as unrealistic, and consider their own approach as more realistic than the standard practice. However, a criterion for realism is lacking in behavioral economics literature. This paper of...

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Bibliographic Details
Published inThe journal of philosophical economics Vol. IX; no. 1; pp. 125 - 145
Main Authors Marques, Gustavo, Weisman, Diego
Format Journal Article
LanguageEnglish
German
Published Rosetti International Publishing House 01.11.2015
Editura Rosetti International
Editura ASE Bucuresti
Subjects
behavioral economics
economic models
Economy
Philosophy
philosophy of economics
Philosophy of Science
realism
Social Sciences
Social Theory
Socio-Economic Research
Sociology
Special Branches of Philosophy
behavioral economics
realism
philosophy of economics
economic models
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Summary:Many economists working within the framework of behavioral economics (BE) label the conventional way of modeling as unrealistic, and consider their own approach as more realistic than the standard practice. However, a criterion for realism is lacking in behavioral economics literature. This paper offers a simple criterion for predicating realism to economic models, and provides an illustration of such criterion at work on a particular BE model.
ISSN:1843-2298
1844-8208