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Econometrics and the Philosophy of Economics : Theory-Data Confrontations in Economics - Bernt P. Stigum

Econometrics and the Philosophy of Economics

Theory-Data Confrontations in Economics

Hardcover Published: 22nd July 2003
ISBN: 9780691113005
Number Of Pages: 304

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As most econometricians will readily agree, the data used in applied econometrics seldom provide accurate measurements for the pertinent theory's variables. Here, Bernt Stigum offers the first systematic and theoretically sound way of accounting for such inaccuracies. He and a distinguished group of contributors bridge econometrics and the philosophy of economics--two topics that seem worlds apart. They ask: How is a science of economics possible? The answer is elusive. Economic theory seems to be about abstract ideas or, it might be said, about toys in a toy community. How can a researcher with such tools learn anything about the social reality in which he or she lives?

This book shows that an econometrician with the proper understanding of economic theory and the right kind of questions can gain knowledge about characteristic features of the social world. It addresses varied topics in both classical and Bayesian econometrics, offering ample evidence that its answer to the fundamental question is sound.

The first book to comprehensively explore economic theory and econometrics simultaneously, "Econometrics and the Philosophy of Economics" represents an authoritative account of contemporary economic methodology. About a third of the chapters are authored or coauthored by Heather Anderson, Erik Biorn, Christophe Bontemps, Jeffrey A. Dubin, Harald E. Goldstein, Clive W.J. Granger, David F. Hendry, Herman Ruge-Jervell, Dale W. Jorgenson, Hans-Martin Krolzig, Nils Lid Hjort, Daniel L. McFadden, Grayham E. Mizon, Tore Schweder, Geir Storvik, and Herman K. van Dijk.

Industry Reviews

"[A] remarkably ambitious and largely unprecedented analysis of the philosophical foundations of econometrics... Stigum has made a bold attempt to understand the enterprise of econometrics in its original formulation. It is not only a difficult book, but also a rich and provocative one. No other such work exists. It sets the standard against which any future contribution to the philosophical foundations of econometrics will be judged."--Kevin D. Hoover, Research in the History of Economic Thought & Methodology

List of Figuresp. ix
List of Tablesp. xi
Prefacep. xv
Introductionp. 1
Facts and Fiction in Econometricsp. 31
The Construction of Social Realityp. 33
The Social Construction of Realityp. 52
Facts and Fiction in Econometricsp. 71
Theorizing in Economicsp. 93
Theories and Modelsp. 95
The Purport of an Economic Theoryp. 117
Rationality in Economicsp. 143
Topological Artifacts and Life in Large Economiesp. 168
Theory-Data Confrontations in Economicsp. 191
Rational Animals and Sample Populationsp. 193
The Theory Universep. 216
The Data Universep. 237
The Bridge Principlesp. 262
Data Analysesp. 283
Frequentist Analogues of Priors and Posteriorsp. 285
On the COLS and CGMM Moment Estimation Methods for Frontier Production Modelsp. 318
Congruence and Encompassingp. 354
New Developments in Automatic General-to-Specific Modelingp. 379
Empirical Relevancep. 421
Conjectures, Theories, and Their Empirical Relevancep. 423
Probability versus Capacity in Choice under Uncertaintyp. 458
Evaluation of Theories and Modelsp. 480
Diagnostics and Scientific Explanationp. 497
Diagnoses and Defaults in Artificial Intelligence and Economicsp. 499
Section 20.3 from a Logical Point of Viewp. 520
Explanations of an Empirical Puzzle: What Can Be Learned from a Test of the Rational Expectations Hypothesis?p. 525
Scientific Explanation in Economicsp. 558
Scientific Explanation in Econometrics: A Case Studyp. 578
Contemporary Econometric Analysesp. 611
Handling the Measurement Error Problem by Means of Panel Data: Moment Methods Applied on Firm Datap. 613
On Bayesian Structural Inference in a Simultaneous Equation Modelp. 642
An Econometric Analysis of Residential Electric Appliance Holdings and Consumptionp. 683
Econometric Methods for Applied General Equilibrium Analysisp. 702
Indexp. 755
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780691113005
ISBN-10: 0691113009
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 304
Published: 22nd July 2003
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 23.93 x 16.61  x 4.04
Weight (kg): 1.25

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