ECONOMICS: BETWEEN PREDICTION AND CRITICISM

Itzhak Gilboa, Andrew Postlewaite*, Larry Samuelson, David Schmeidler

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

Abstract

We suggest that one way in which economic analysis is useful is by offering a critique of reasoning. According to this view, economic theory may be useful not only by providing predictions, but also by pointing out weaknesses of arguments. It is argued that when a theory requires a nontrivial act of interpretation, its roles in producing predictions and offering critiques vary in a substantial way. We offer a formal model in which these different roles can be captured.

Original languageEnglish
Pages (from-to)367-390
Number of pages24
JournalInternational Economic Review
Volume59
Issue number2
DOIs
StatePublished - May 2018

Funding

FundersFunder number
Iowa Science Foundation204/13, 704/15
European Research Council269754
National Science FoundationSES-0961540, SES-1459158

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