Publication: Econometric reduction theory and philosophy
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2009-02
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Abstract
Econometric reduction theory provides a comprehensive probabilistic framework for the
analysis and classification of the reductions (simplifications) associated with empirical
econometric models. However, the available approaches to econometric reduction theory are
unable to satisfactory accommodate a commonplace theory of social reality, namely that the
course of history is indeterministic, that history does not repeat itself and that the future depends
on the past. Using concepts from philosophy this paper proposes a solution to these
shortcomings, which in addition permits new reductions, interpretations and definitions.
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Keywords
Theory of reduction, DGP, Possible worlds, Econometrics and philosophy