Model Building in Economics: Its Purposes and Limitations

Concern about the role and the limits of modeling has heightened after repeated questions were raised regarding the dependability and suitability of the models that were used in the run-up to the 2008 financial crash. In this book, Lawrence Boland provides an overview of the practices of and the problems faced by model builders to explain the nature of models, the modeling process, and the possibility for and nature of their testing. In a reflective manner, the author raises serious questions about the assumptions and judgments that model builders make in constructing models. In making his case, he examines the traditional microeconomics-macroeconomics separation with regard to how theoretical models are built and used and how they interact, paying particular attention to the use of equilibrium concepts in macroeconomic models and game theory and to the challenges involved in building empirical models, testing models, and using models to test theoretical explanations.
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An aparitie	2014
Autor	Lawrence A. Boland
Dimensiuni	15.2 x 1.5 x 22.8 cm
Editura	Cambridge University Press
Format	Paperback
ISBN	9781107673472
Limba	Engleza
Nr pag	200