Econometrics and the Philosophy of Economics:
Theory-Data Confrontations in Economics
Bernt P. Stigum

Cloth | July 2003 | $65.00 / £45.00 | ISBN: 0-691-11300-9
856 pp. | 6 x 9 | 38 line illus. 63 tables.


As most econometricians will readily agree, the data used in applied
econometrics seldom provide accurate measurements for the pertinent
theory's variables. Here, Bernt Stigum offers the first systematic and
theoretically sound way of accounting for such inaccuracies. He and a
distinguished group of contributors bridge econometrics and the
philosophy of economics--two topics that seem worlds apart. They ask:
How is a science of economics possible? The answer is elusive.
Economic theory seems to be about abstract ideas or, it might be said,
about toys in a toy community. How can a researcher with such tools
learn anything about the social reality in which he or she lives?

This book shows that an econometrician with the proper understanding
of economic theory and the right kind of questions can gain knowledge
about characteristic features of the social world. It addresses varied
topics in both classical and Bayesian econometrics, offering ample
evidence that its answer to the fundamental question is sound.

The first book to comprehensively explore economic theory and
econometrics simultaneously, Econometrics and the Philosophy of
Economics represents an authoritative account of contemporary economic
methodology. About a third of the chapters are authored or coauthored
by Heather Anderson, Erik Biørn, Christophe Bontemps, Jeffrey A.
Dubin, Harald E. Goldstein, Clive W.J. Granger, David F. Hendry,
Herman Ruge-Jervell, Dale W. Jorgenson, Hans-Martin Krolzig, Nils Lid
Hjort, Daniel L. McFadden, Grayham E. Mizon, Tore Schweder, Geir
Storvik, and Herman K. van Dijk.

Bernt P. Stigum is Professor of Economics at the University of Oslo.
He is the author of Toward a Formal Science of Economics and coeditor
of Foundations of Utility and Risk Theory with Applications.


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