Econometric Reduction Theory and Philosophy Articles uri icon

authors

  • SUCARRAT, GENARO DANIEL WEIL JOHNSEN

publication date

  • March 2010

start page

  • 53

end page

  • 75

issue

  • 1

volume

  • 17

International Standard Serial Number (ISSN)

  • 1469-9427

Electronic International Standard Serial Number (EISSN)

  • 1350-178X

abstract

  • Econometric reduction theory provides a comprehensive probabilistic framework for the analysis and classification of the reductions (simplifications) associated with empirical econometric models. However,
    the available approaches to econometric reduction theory are unable to
    satisfactorily accommodate a commonplace theory of social reality,
    namely that the course of history is indeterministic, that history does
    not repeat itself and that the future depends on the past. Using
    concepts from philosophy this paper proposes a solution to these
    shortcomings, which in addition permits new reductions, interpretations
    and definitions.