Progress in economics: Lessons from the spectrum auctions

In Harold Kincaid & Don Ross (eds.), The Oxford Handbook of Philosophy of Economics. Oxford University Press. pp. 306--337 (2009)
Download Edit this record How to cite View on PhilPapers
Abstract
The 1994 US spectrum auction is now a paradigmatic case of the successful use of microeconomic theory for policy-making. We use a detailed analysis of it to review standard accounts in philosophy of science of how idealized models are connected to messy reality. We show that in order to understand what made the design of the spectrum auction successful, a new such account is required, and we present it here. Of especial interest is the light this sheds on the issue of progress in economics. In particular, it enables us to get clear on exactly what has been progressing, and on exactly what theory has – and has not – contributed to that. This in turn has important implications for just what it is about economic theory that we should value.
Keywords
PhilPapers/Archive ID
ALEPIE
Revision history
Archival date: 2015-11-13
View upload history
References found in this work BETA
Models as Mediators: Perspectives on Natural and Social Science.Morgan, Mary S. & Morrison, Margaret (eds.)
The Scientific Image.Friedman, Michael

View all 24 references / Add more references

Citations of this work BETA

View all 13 citations / Add more citations

Added to PP index
2014-02-01

Total views
198 ( #19,654 of 46,209 )

Recent downloads (6 months)
27 ( #28,245 of 46,209 )

How can I increase my downloads?

Downloads since first upload
This graph includes both downloads from PhilArchive and clicks to external links.