Dilemmas of an economic theorist

A. R. Rubinstein

    Research output: Contribution to journalArticle

    Abstract

    The paper discusses four dilemmas encountered by an economic theorist. The dilemma of absurd conclusions: Should we abandon a model if it produces absurd conclusions or should we regard a model as a very limited set of assumptions that will inevitably fail in some contexts? The dilemma of responding to evidence: should our models be judged according to experimental results? The dilemma of modelless regularities: Should models provide the hypothesis for testing or are they simply exercises in logic that have no use in identifying regularities? The dilemma of relevance: do economists have the right to offer advice or to make statements that are intended to influence the real world?.

    Original languageEnglish (US)
    Pages (from-to)62-80
    Number of pages19
    JournalVoprosy Ekonomiki
    Volume2008
    Issue number11
    DOIs
    StatePublished - 2008

    Keywords

    • Economic education
    • Economic methodology
    • Experimental economics
    • Game theory
    • Hyperbolic discounting
    • Microeconomic theory

    ASJC Scopus subject areas

    • Finance
    • Economics and Econometrics

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