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Learning from Minimal Economic Models
2009 (English)In: Erkenntnis, ISSN 0165-0106, E-ISSN 1572-8420, Vol. 70, no 1, 81-99 p.Article in journal (Refereed) Published
Abstract [en]

It is argued that one can learn from minimal economic models. Minimal models are models that are not similar to the real world, do not resemble some of its features, and do not adhere to accepted regularities. One learns from a model if constructing and analysing the model affects one's confidence in hypotheses about the world. Economic models, I argue, are often assessed for their credibility. If a model is judged credible, it is considered to be a relevant possibility. Considering such relevant possibilities may affect one's confidence in necessity or impossibility hypotheses. Thus, one can learn from minimal economic models.

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2009. Vol. 70, no 1, 81-99 p.
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URN: urn:nbn:se:kth:diva-81975DOI: 10.1007/s10670-008-9138-6ISI: 000263833000006OAI: diva2:497808
QC 20120213Available from: 2012-02-11 Created: 2012-02-11 Last updated: 2012-02-13Bibliographically approved

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Grüne-Yanoff, Till
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