In this paper I develop five worries concerning Cartwright’s realism about entities and capacities. The first is that while she was right to insist on the ontic commitment that flows from causal explanation, she was wrong to tie these commitments solely to the entities that do the causal explaining. This move obscured the nature of causal explanation and its connection to laws. The second worry is that when she turned her attention to causal inference, by insisting on the motto of (...) ‘the most likely cause’, she underplayed her powerful argument for realism. For she focused her attention on an extrinsic feature of causal inference (or, indeed, of any ampliative inference), that is the demand of high probability, leaving behind the intrinsic qualities that causal explanation should have in order to provide the required understanding. The third worry is that her objections to Inference to the Best Explanation were unnecessarily tied to her objections about the falsity of fundamental laws. The fourth worry is that though her argument for positing capacities and being realist about them was supposed to take strength from its parallel with Sellars’s powerful argument for the indispensable explanatory role of positing unobservable entities, there are important disanalogies between the two arguments which cast doubt on the indispensability of capacities. The final (fifth) worry is that laws—perhaps brute regularities—might well have to come back from the front door, since they are still the most plausible candidates for explaining why objects have the capacities to do what they can do. (shrink)

Making sense of modeling: beyond representation Content Type Journal Article Category Original paper in Philosophy of Science Pages 335-352 DOI 10.1007/s13194-011-0032-8 Authors Isabelle Peschard, Philosophy Department, San Francisco State University, 1600 Holloway Ave, San Francisco, CA 94132, USA Journal European Journal for Philosophy of Science Online ISSN 1879-4920 Print ISSN 1879-4912 Journal Volume Volume 1 Journal Issue Volume 1, Number 3.

In this essay I shall focus on the adoption of the Semantic Approach by structural realists, including myself, who have done so on the grounds that it wears its structuralist sympathies on its sleeve. Despite this, the SA has been identified as standing in tension with the ontological commitments of the so-called ’ontic’ form of this view and so I shall explore that tension before discussing the usefulness of the SA in framing scientific representation and concluding with a discussion of (...) the implications of the ontological status of theories and models themselves. (shrink)

The ontological status of theories themselves has recently re-emerged as a live topic in the philosophy of science. We consider whether a recent approach within the philosophy of art can shed some light on this issue. For many years philosophers of aesthetics have debated a paradox in the (meta)ontology of musical works (e.g. Levinson [1980]). Taken individually, there are good reasons to accept each of the following three propositions: (i) musical works are created; (ii) musical works are abstract objects; (iii) (...) abstract objects cannot be created. However it seems clear that, if one wants to avoid inconsistency, one cannot commit to all three. Following up recent developments courtesy of Cameron ([2008a]), we consider how one might respond to the corresponding set of propositions in the (meta)ontology of scientific theories. 1 Introduction2 Setting up the Problem3 What to Reject? 3.1 Scientific theories are not created? 3.2 Scientific theories are not abstract objects? 3.3 Abstract objects can be created?4 A Fourth Way: Truth-maker Theory5 Objections and Replies 5.1 What are the truth-makers? 5.2 Objections from World 3 5.3 Fictionalism 5.4 Concrete/abstract6 Conclusion. (shrink)

The thesis is a philosophical analysis of the consumption based capital asset pricing model, investigating in particular its epistemological and methodological foundations. Financial markets are integral parts of advanced and developing economies. They matter because they channel unspent household income into banks’ savings accounts and assets such as bonds and stocks. Financial economists have traditionally taken interest in the pricing mechanism that underlies this capital allocation. The consumption based capital asset pricing model is a prominent effort to describe, explain and (...) predict such prices. It tells a story of investors’ trade-off between consumption now and later and which portfolio of assets to hold. The CCAPM based narrative intuitively makes sense, and the chosen methodology involving theoretical assumption, mathematical models and empirical tests follows the professions’ standards of good scientific practise. But does CCAPM’s research programme provide knowledge for use? My thesis seeks to answer this question in a novel way. Instead of embarking on yet another asset pricing research project, I let Philosophy of Science inform my analysis. Following a “primer” introducing essential CCAPM topics and notations, I discuss, in turn, its theoretical foundation, mathematical model, and empirical test results from a philosophy of science perspective. I find that a few fundamental principles and several auxiliary assumptions combine to develop a simplified, partial and idealized theory of investors, financial markets and assets. The model reflects and represents this theory but also makes narrow claims that are distances away from the real situations they target. Unsurprisingly, ideal model assertions fail standard statistical tests of significance. I conclude that mathematical deductive modelling rooted in orthodox, a priori based fundamental principles create ideal and fictional settings that limit their scope and portability. The development of even more granular models within this orthodox paradigm that searches for “event regularities” will not render the desired knowledge for use. The real situations are possibly too complex to be captured in simplified assumptions, ideal theories and mathematical structures. Novel methodological and ontological approaches to asset pricing are in demand. Hence, claims about tendencies in the real data might replace the current focus on point-forecasts. (shrink)