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Deterministic Modeling without (Unwarranted) Apology

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  • Ray G. Huffaker

Abstract

The risk literature in agricultural economics asserts that deterministic methods ignore important sources of uncertainty, and thus strongly discourages their use to model economic behavior, performance, and welfare. This paper applies principles of randomness drawn from the philosophy of science literature to investigate this assertion and to formulate proper implications for the appropriate use of deterministic methods under uncertainty. The results specify the circumstances under which a deterministic approach offers a scientifically credible alternative to a probabilistic approach in accounting for uncertainty.

Suggested Citation

  • Ray G. Huffaker, 1998. "Deterministic Modeling without (Unwarranted) Apology," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 20(2), pages 502-512.
    • Handle: RePEc:oup:revage:v:20:y:1998:i:2:p:502-512.
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    File URL: http://hdl.handle.net/10.2307/1350004
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    Cited by:

    1. Smith Trenton G. & Tasnádi Attila, 2009. "Why (and When) are Preferences Convex? Threshold Effects and Uncertain Quality," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 9(1), pages 1-24, January.
    2. Trenton Smith, 2009. "Reconciling psychology with economics: Obesity, behavioral biology, and rational overeating," Journal of Bioeconomics, Springer, vol. 11(3), pages 249-282, December.

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