Economics Dictionary of ArgumentsHome
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| Models, philosophy, logic: A model is obtained when a logical formula provides true statements by inserting objects instead of the free variables. One problem is the exclusion of unintended models. See also model theory._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Alasdair Smith on Models - Dictionary of Arguments
Krugman III 80 Models/Alasdair Smith: When numerically calibrated models are used to analyze economic policy, data are used only to calibrate and not to test the model. Thus much depends on the prior specification of the model, and it is not clear how much confidence one should have in the detailed results. Sensitivity analysis: (…) how firms’ model numbers change in response to policy changes turns out to be very sensitive to the “cost per model” parameter in firms’ cost functions. Thus both the location and the very existence of the “strategic trade policy” effects in this model* depend sensitively on a modeling choice that has to be made with a degree of arbitrariness at the calibration stage. >Sensitivity analysis. * The model ist displayed in A. Smith 1994(1). 1. Alasdair Smith. „Strategic Trade Policy in the European Car Market.“ In: Paul Krugman and Alasdair Smith (Eds.) 1994. Empirical Studies of Strategic Trade Policy. Chicago: The University of Chicago Press. Alasdair Smith. „Strategic Trade Policy in the European Car Market.“ In: Paul Krugman and Alasdair Smith (Eds.) 1994. Empirical Studies of Strategic Trade Policy. Chicago: The University of Chicago Press._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
EconSmith I Adam Smith The Theory of Moral Sentiments London 2010 EconSmithV I Vernon L. Smith Rationality in Economics: Constructivist and Ecological Forms Cambridge 2009 EconKrug I Paul Krugman Volkswirtschaftslehre Stuttgart 2017 EconKrug II Paul Krugman Robin Wells Microeconomics New York 2014 Krugman III Paul Krugman Alasdair Smith Empirical Studies of Strategic Trade Policy Chicago: The University of Chicago Press 1994 |
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