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| Author: | Sugden, R. |
| Title: | Credible worlds: the status of theoretical models in economics |
| Journal: | Journal of Economic Methodology
2000 : MAR, VOL. 7:1, p. 1-31 |
| Index terms: | Methodology Models Theories |
| Language: | eng |
| Abstract: | Using as examples Akerlof's 'market for "lemons"' and Schelling's 'checkerboard' model of racial segregation, this paper asks how economists' abstract theoretical models can explain features of the real world. It argues that such models are not abstractions from, or simplifications of, the real world. They describe counterfactual worlds which the modeller has constructed. |
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