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  1. Two epistemological challenges regarding hypothetical modeling.Peter Tan - 2022 - Synthese 200 (6).
    Sometimes, scientific models are either intended to or plausibly interpreted as representing nonactual but possible targets. Call this “hypothetical modeling”. This paper raises two epistemological challenges concerning hypothetical modeling. To begin with, I observe that given common philosophical assumptions about the scope of objective possibility, hypothetical models are fallible with respect to what is objectively possible. There is thus a need to distinguish between accurate and inaccurate hypothetical modeling. The first epistemological challenge is that no account of the epistemology of (...)
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  • Economics, Equilibrium Methods, and Multi-Scale Modeling.Jennifer Jhun - 2019 - Erkenntnis 86 (2):457-472.
    In this paper, I draw a parallel between the stability of physical systems and that of economic ones, such as the US financial system. I argue that the use of equilibrium assumptions is central to the analysis of dynamic behavior for both kinds of systems, and that we ought to interpret such idealizing strategies as footholds for causal exploration and explanation. Our considerations suggest multi-scale modeling as a natural home for such reasoning strategies, which can provide a backdrop for the (...)
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  • The Peculiar Logic of the Black-Scholes Model.James Owen Weatherall - 2018 - Philosophy of Science 85 (5):1152-1163.
    The Black-Scholes model of options pricing establishes a theoretical relationship between the “fair” price of an option and other parameters characterizing the option and prevailing market conditions. Here I discuss a common application of the model with the following striking feature: the output of analysis apparently contradicts one of the core assumptions of the model on which the analysis is based. I will present several attitudes one might take toward this situation and argue that it reveals ways in which a (...)
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