Peruzzi, Edoardo and CEVOLANI, Gustavo (2021) Defending De-idealization in Economic Modeling: A Case Study. Philosophy of the Social Sciences. ISSN 0048-3931
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Abstract
This paper defends the viability of de-idealization strategies in economic modeling against recent criticism. De-idealization occurs when an idealized assumption of a theoretical model is replaced with a more realistic one. Recently, some scholars have raised objections against the possibility or fruitfulness of de-idealizing economic models, suggesting that economists do not employ this kind of strategy. We present a detailed case study from the theory of industrial organization, discussing three different models, two of which can be construed as de-idealized versions of the first (the so-called Bertrand model of oligopoly). We conclude that recent pessimism about de-idealization in economics is largely unfounded, and that de-idealization strategies are not only possible but also widely employed in economics.
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| Item Type: | Published Article or Volume | |||||||||
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| Keywords: | idealization, de-idealization, concretization, economic models, Bertrand model, industrial organization | |||||||||
| Subjects: | Specific Sciences > Economics General Issues > Game Theory General Issues > Models and Idealization |
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| Depositing User: | Mr. Edoardo Peruzzi | |||||||||
| Date Deposited: | 24 Dec 2021 03:06 | |||||||||
| Last Modified: | 24 Dec 2021 03:06 | |||||||||
| Item ID: | 20042 | |||||||||
| Journal or Publication Title: | Philosophy of the Social Sciences | |||||||||
| Publisher: | SAGE | |||||||||
| DOI or Unique Handle: | https://doi.org/10.1177/00483931211049759 | |||||||||
| Subjects: | Specific Sciences > Economics General Issues > Game Theory General Issues > Models and Idealization |
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| Date: | 1 December 2021 | |||||||||
| ISSN: | 0048-3931 | |||||||||
| URI: | https://philsci-archive.pitt.edu/id/eprint/20042 |
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