European Business Schools Librarian's Group

HEC Research Papers Series,
HEC Paris

No 1182: Economics: Between Prediction and Criticism

Itzhak Gilboa (), Andrew Postlewaite (), Larry Samuelson () and David Schmeidler ()

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 non-trivial act of interpretation, it's roles in producing predictions and offering critiques vary in a substantial way. We offer a formal model i which these different roles can be captured.

Keywords: Methodology; Models; Economic Modeling

JEL-codes: B40; B41

51 pages, First version: March 1, 2016. Revised: April 3, 2017.

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