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Recent advances on testability in economic equilibrium models

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  • Carvajal, Andrés

Abstract

The revealed preference program started by Paul Samuelson brought a Popperian view of what constituted true scientific discovery to economic theory.11Samuelson (1938). In his Foundations, Samuelson states that “meaningful theorems” are hypotheses “about empirical data which could conceivably be refuted”.22See Samuelson (1947), p. 4. He worried that by appealing to unobservable fundamentals such as preferences, the body of economic theory built upon the premise of rational individual choice lacked a scientific foundation.

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  • Carvajal, Andrés, 2024. "Recent advances on testability in economic equilibrium models," Journal of Mathematical Economics, Elsevier, vol. 114(C).
    • Handle: RePEc:eee:mateco:v:114:y:2024:i:c:s030440682400079x
    DOI: 10.1016/j.jmateco.2024.103019
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    1. Pawe{l} Dziewulski & Joshua Lanier & John K. -H. Quah, 2024. "Revealed preference and revealed preference cycles: a survey," Papers 2405.08459, arXiv.org.
    2. Dziewulski, Paweł & Lanier, Joshua & Quah, John K.-H., 2024. "Revealed preference and revealed preference cycles: A survey," Journal of Mathematical Economics, Elsevier, vol. 113(C).

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