Work

Economic Modelling as Robustness Analysis

Year: 2010

Type: article

Abstract: We claim that the process of theoretical model refinement in economics is best characterised as robustness analysis: the systematic examination of the robustness of modelling results with respect to particular modelling assumptions. We argue that this practise has epistemic value by extending William Wimsatt’s account of robustness analysis as triangulation via independent means of determination. For economists robustness analysis is a crucial methodological strategy because their models are often based on idealisations and abstractions, and it is usually difficult to tell which idealisations are truly harmful. 1. Introduction 2. Making Sense of Robustness 3. Robustness in Economics 4. The Epistemic Import of Robustness Analysis 5. An Illustration: Geographical Economics Models 6. Independence of Derivations 7. Concluding Remarks

Source: The British Journal for the Philosophy of Science

DOI: 10.1093/bjps/axp049

Authors: Jaakko Kuorikoski, Aki Lehtinen, Caterina Marchionni

Institutions: University of Helsinki, Hospital Santa Caterina

Language: English

Topic: Philosophy and History of Science

Subfield: History and Philosophy of Science

Field: Arts and Humanities

Domain: Social Sciences

Open Access status: green

Funders: Helsingin Yliopisto, Society for Personality and Social Psychology

OpenAlex ID: W2101809869