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Study week on the econometric approach to development planning

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Monograph

Identifikator:: 1014961696

URN:: urn:nbn:de:zbw-retromon-24256

Document type:: Monograph

Author:: Benary, Wilhelm http://d-nb.info/gnd/129586293

Title:: Kurzer Bericht über Arbeiten zu Eignungsprüfungen für Flieger-Beobachter

Edition:: Sonderabdruck aus der Zeitschrift für angewandte Psychologie

Place of publication:: Leipzig

Publisher:: Verlag von Johann Ambrosius Barth

Year of publication:: 1920

Scope:: 1 Online-Ressource (61 Seiten)

Digitisation:: 2018

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. 177 WoLD Professors ALLAIS and HAAVELMO comment upon econometric models from the point of view of epistemology, the genera] theory of knowledge. The main point I wish to make in my reply is that this is a highly important aspect of econometric model building. Several of the much debated issues about econometric models are not specific to econometrics, they are fundamental issues in the social sciences by and large; and many of the econometric techniques are pioneering in the still wide realm of nonexperimental model building. As to the first part of Professor ALLAIS’ comment, I would like to emphasize the sharp distinction between on the one hand the hypotheses that constitute the theoretical part of a model, on the other hand the actual facts that the model serves to explain. There is always a pluralism of models, and there is never perfect agreement between a model and the facts as actually observed. The choice between different types of model is to a large extent a matter of economy of thought, to quote ERNsT MacH. More specifically, it is often a matter of choosing the model that uses the smallest number of parameters when representing the facts. I do not think that at this point there is really any difference between our views. And similarly with the last part of Professor ALLAIS’ comment. Expe- rience has shown that it is sometimes (and in economics quite often) convenient and useful to approach the reality by way of models where time is a discrete variable, but if it turns out that if discrete time gives rise to difficulties, then of course we. should respecify time as a continuous variable. Professor HAAVELMO’s comments and five question marks have direct bearing on the epistemological foundations of econometrics: more specifically a bearing upon econometrics as nonexperimental model building. This is a most important topic for our round table discussion, and I welcome his remarks so much the more as they give me an opportunity to state agreement all through, except perhaps on one point which I think requires some qualification "1 Wold - pag. 63

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