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How-possibly explanations in economics: anything goes?

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  • Till Grüne-Yanoff
  • Philippe Verreault-Julien

Abstract

The recent literature on economic models has rejected the traditional requirement that their epistemic value necessary depended on them offering actual explanations of phenomena. Contributors to that literature have argued that many models do not aim at providing how-actually explanations, but instead how-possibly explanations. However, how to assess the epistemic value of HPEs remains an open question. We present a programmatic approach to answering it. We first introduce a conceptual framework that distinguishes how-actually explanations from how-possibly explanations and that further differentiates between epistemic and objective how-possibly explanations. Secondly, we show how that framework can be used for methodological appraisal as well as for understanding methodological controversies.

Suggested Citation

  • Till Grüne-Yanoff & Philippe Verreault-Julien, 2021. "How-possibly explanations in economics: anything goes?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 28(1), pages 114-123, January.
    • Handle: RePEc:taf:jecmet:v:28:y:2021:i:1:p:114-123
    DOI: 10.1080/1350178X.2020.1868779
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    Cited by:

    1. Schulz, Jan & Mayerhoffer, Daniel M., 2021. "A network approach to consumption," BERG Working Paper Series 173, Bamberg University, Bamberg Economic Research Group.
    2. Jan Schulz & Daniel M. Mayerhoffer, 2021. "Equal chances, unequal outcomes? Network-based evolutionary learning and the industrial dynamics of superstar firms," Journal of Business Economics, Springer, vol. 91(9), pages 1357-1385, November.
    3. Kai Fischbach & Johannes Marx & Tim Weitzel, 2021. "Agent-based modeling in social sciences," Journal of Business Economics, Springer, vol. 91(9), pages 1263-1270, November.

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