Looking for an examination copy?
This title is not currently available for examination. However, if you are interested in the title for your course we can consider offering an examination copy. To register your interest please contact email@example.com providing details of the course you are teaching.
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.Read more
- Examines all the major ways economists engage in model building
- Emphasis on the intended purposes and the limitations recognized by critics and proponents
- Intended readership embraces both professionals and advanced students
Reviews & endorsements
"The common practices of macroeconomists, like those of other tribes, look different when seen from inside or outside. Outsiders may see or take seriously things that insiders overlook because they seem part of the landscape. Professor Boland is an attentive and reflective outsider. I recommend especially his thoughts on the importance of defensibly realistic assumptions in macro model building. You will find other insights if you look."
Robert Solow, Professor Emeritus, Massachusetts Institute of TechnologySee more reviews
"As the title suggests, Boland's new book is concerned with model building in economics: the nature of theories and models, the modeling process, the appraisal of models, and the use of models to test theoretical explanations against data. The author raises serious questions about the practices of model building and the problems faced by modelers, including the assumptions and judgments involved in constructing and validating economic models. The book will be of interest, not only to model builders, applied econometricians and people interested in economic methodology, but also to anybody interested in the foundations of economics as a scientific discipline, in general, and in the credibility of its theoretical and empirical underpinnings, in particular."
Aris Spanos, Wilson E. Schmidt Professor of Economics, Virginia Tech
"Models in economics are marvellous helpers but indifferent masters. Models become our masters when we fawn over them and take them literally and impose ill-fitting theoretical straightjackets on what we observe and on the interventions that we recommend. This timely book offers the insights and wisdom of Lawrence Boland regarding the changing role of models in the formation of knowledge and opinion in economics. The scope is historically and intellectually broad, with plenty to amuse and arouse readers. Among other observations, Boland argues that there is a generational gap in model building, and younger economists especially are encouraged to explore this book."
Edward Leamer, University of California, Los Angeles
"As with his earlier insightful books on methodology, Larry Boland clearly and comprehensively dissects model building in all its guises of theory, computer representations, lab and field experiments, and empirical (econometric) studies. This new contribution is filled with both pithy comments and deep analyses, highlighting the limits of many approaches currently in vogue."
Sir David F. Hendry, Oxford Martin School, University of Oxford
"The book's breadth of scope is breathtaking and it is a treasure trove of useful references for further pursuing more specific questions."
Erasmus Journal for Philosophy and Economics
Not yet reviewed
Be the first to review
Review was not posted due to profanity×
- Date Published: September 2014
- format: Paperback
- isbn: 9781107673472
- length: 200 pages
- dimensions: 228 x 162 x 15 mm
- weight: 0.41kg
- contains: 2 b/w illus. 3 tables
- availability: In stock
Table of Contents
1. Microeconomic vs macroeconomic in theoretical model building
2. On the limitations of equilibrium models in general
3. On building theoretical models using game theory
4. On the purpose and limitations of game-theoretic models
5. Microeconomic vs macroeconomic in empirical model building
6. On building macroeconometric models
7. Modeling and forecasting
8. On the role and limitations of experimental and behavioral economics
9. The logical adequacy of convincing tests of models using empirical data
10. The statistical adequacy of convincing tests of models using empirical data
11. Model building from a philosophy of science perspective
12. Choosing model-building methods.
Sorry, this resource is locked
Please register or sign in to request access. If you are having problems accessing these resources please email firstname.lastname@example.orgRegister Sign in
You are now leaving the Cambridge University Press website. Your eBook purchase and download will be completed by our partner www.ebooks.com. Please see the permission section of the www.ebooks.com catalogue page for details of the print & copy limits on our eBooks.Continue ×