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Points of View, Scientific Theories and Econometric Models

Published online by Cambridge University Press:  14 March 2022

Robert J. Wolfson
Robert J. Wolfson*
Affiliation:
Syracuse University
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Abstract

The relationship between a class of structural forms and a single reduced form econometric model is discussed. These are shown to be empirically equivalent. It is made clear that choice of a particular structural form for estimation, rather than another of the same class, rests on a priori heuristic and computational considerations, not on empirical or logical grounds.

Alternative scientific strategies are discussed briefly.

Type
Research Article
Information
Philosophy of Science , Volume 37 , Issue 2 , June 1970 , pp. 249 - 260
Copyright
Copyright © 1970 The Philosophy of Science Association

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Footnotes

†

This paper was begun in 1959-60 while the author held a Ford Foundation Faculty Fellowship. Some additional work was done under support by the Office of Naval Research, Contract Nonr 233-02 under task NR 047-003, Management Sciences Research Project, University of California, Los Angeles.

I am indebted to my colleague, John Henning, for his thoughtful remarks. It is unnecessary to add that the responsibility for any errors rests with me.

References

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