The orthodox view of logic takes for granted the central importance of logical principles. Logic, and thus logical reasoning, is to be understood as a system of rules or principles with universal application. Let us call this orthodox view logical generalism. In this paper we argue that logical generalism, whether monist or pluralist, is wrong. We then outline an account of logical consequence in the absence of general logical principles, which we call logical particularism.

The description of how individual models in families of models are related to each other is crucial for the general philosophical understanding of model-based scientific practice. We focus on the Capital Asset Pricing Models (CAPM) family, a cornerstone in financial economics, to provide a descriptive analysis of model relations within a family. We introduce the concepts of theoretical and empirical complementarity to characterise model relations. Our complementarity analysis of model relations has two types of payoff. Specifically regarding the CAPM, our (...) analysis reveals why this model family, which has been empirically contested, has yet remained popular and important: the different models that have been added over time have made new empirically and theoretically complementary contributions to the model family. More generally, our analysis reveals the dynamic character of model-based scientific practice. Characterising relations between models as theoretically and/or empirically complementary yields three hitherto underappreciated lessons: (i) actual modelling purposes are not always primarily epistemic, (ii) a model's individual import is relative, not absolute, and (iii) there is an important interplay between theory and data models. Faithfully characterising scientific modelling in this way facilitates subsequent analysis of models' epistemic import. (shrink)

Philosophers of science typically focus on the epistemic performance of scientific models when evaluating them. Analysing the effects that models may have on the world has typically been the purview of sociologists of science. We argue that the reactive (or “performative”) effects of models should also figure in model evaluations by philosophers of science. We provide a detailed analysis of how models in financial economics created the impetus for the growing importance of the phenomenon of “passive investing” in financial markets. (...) Considering this case motivates the position that we call contextualism about model evaluation, or _model contextualism_ for short. Model contextualism encompasses standard analyses of the epistemic performance of the model, but also includes their reactive aspects. It entails identifying the _epistemic and contextual import of the model_, the ways in which a model can engender change in the world (which we call the _channels of transmission_), and the _interactions between the epistemic and reactive import of a model_. (shrink)

The paper offers an account of the structure of information provided by models that relevantly deviate from reality. It is argued that accounts of scientific modeling according to which a model’s epistemic and pragmatic relevance stems from the alleged fact that models give access to possibilities fail. First, it seems that there are models that do not give access to possibilities, for what they describe is impossible. Secondly, it appears that having access to a possibility is epistemically and pragmatically idle. (...) Based on these observations, an alternative is developed. (shrink)

En economía, la investigación se divide en dos grandes metodologías: los modelos teórico-matemáticos y los estudios empíricos. Estudiando modelos teóricos y métodos empíricos ) se da cuenta de las limitaciones de ambos métodos. Se concluye que ninguno de estos puede generar explicaciones de cómo en realidad suceden las cosas, sino que solo de cómo posiblemente suceden. La razón es que ambos necesitan un enlace interpretativo que permita extrapolar desde su propio sistema hacia un sistema objetivo. Los modelos tienen dominio general (...) y pueden dar cuenta de mecanismos. Los RCTs, al contrario, son válidos internamente y están conectados al mundo real, pero su dominio es muy específico. Aunque ninguno logre responder preguntas amplias de un fenómeno de interés, pueden complementarse para generar extrapolaciones más confiables sobre un sistema objetivo. Sin embargo, esto solo podrá hacerse si se conocen bien los mecanismos y el contexto en que ocurre una evidencia. Palabras clave: Causalidad, Mecanismos, Capacidades, Epistemología de la Economía, Generalización de Evidencia. (shrink)

Anti-exceptionalists about logic maintain that it is continuous with the empirical sciences. Taking anti-exceptionalism for granted, we argue that traditional approaches to explanation are inadequate in the case of logic. We argue that Andrea Woody's functional analysis of explanation is a better fit with logical practice and accounts better for the explanatory role of logical theories.

The use of idealized scientific theories in explanations of empirical facts and regularities is problematic in two ways: they don’t satisfy the condition that the explanans is true, and they may fail to entail the explanandum. An attempt to deal with the latter problem was proposed by Hempel and Popper with their notion of approximate explanation. A more systematic perspective on idealized explanations was developed with the method of idealization and concretization by the Poznan school in the 1970s. If idealizational (...) laws are treated as counterfactual conditionals, they can be true or truthlike, and the concretizations of such laws may increase their degree of truthlikeness. By replacing Hempel’s truth requirement with the condition that an explanatory theory is truthlike one can distinguish several important types of approximate, corrective, and contrastive explanations by idealized theories. The conclusions have important consequences for the debates about scientific realism and anti-realism. (shrink)

Philosophers of the social sciences are increasingly convinced that macro-and micro-explanations are complementary. Whereas macro-explanations are broad, micro-explanations are deep. I distinguish between weak and strong complementarity: Strongly complementary explanations improve one another when integrated, weakly complementary explanations do not. To demonstrate the explanatory autonomy of different levels of explanation, explanatory pluralists mostly presuppose the weak form of complementarity. By scrutinizing the notions of explanatory depth and breadth, I argue that macro- and micro-accounts of the same phenomenon are more often (...) strongly complementary. This invites a revision of the pluralist position in which integration promotes explanatory progress. Key Words: explanatory pluralism • social science • explanatory depth • explanatory breadth • mechanism. (shrink)

Odenbaugh and Alexandrova provide a challenging critique of the epistemic benefits of robustness analysis, singling out for particular criticism the account we articulated in Kuorikoski et al.. Odenbaugh and Alexandrova offer two arguments against the confirmatory value of robustness analysis: robust theorems cannot specify causal mechanisms and models are rarely independent in the way required by robustness analysis. We address Odenbaugh and Alexandrova’s criticisms in order to clarify some of our original arguments and to shed further light on the properties (...) of robustness analysis and its epistemic rationale. (shrink)

We claim that the process of theoretical model refinement in economics is best characterised as robustness analysis: the systematic examination of the robustness of modelling results with respect to particular modelling assumptions. We argue that this practise has epistemic value by extending William Wimsatt's account of robustness analysis as triangulation via independent means of determination. For economists robustness analysis is a crucial methodological strategy because their models are often based on idealisations and abstractions, and it is usually difficult to tell (...) which idealisations are truly harmful. (shrink)

Mental, mathematical, and moral facts are difficult to accommodate within an overall worldview due to the peculiar kinds of properties inherent to them. In this paper I argue that a significant class of social entities also presents us with an ontological puzzle that has thus far not been addressed satisfactorily. This puzzle relates to the location of certain social entities. Where, for instance, are organizations located? Where their members are, or where their designated offices are? Organizations depend on their members (...) for their existence, but the members of an organization can be where the organization is not. The designated office of an organization, however, need be little more than a mailbox. I argue that the problem can be solved by conceptualizing the relation between social entities and non-social entities as one of constitution, a relation of unity without identity. Constituted objects have properties that cannot be reduced to properties of the constituting objects. Thus, my attempt to solve the Location Problem results in an argument in favor of a kind of non-reductive materialism about the social. (shrink)

Formal models of scientific inquiry, aimed at capturing socio-epistemic aspects underlying the process of scientific research, have become an important method in formal social epistemology and philosophy of science. In this introduction to the special issue we provide a historical overview of the development of formal models of this kind and analyze their methodological contributions to discussions in philosophy of science. In particular, we show that their significance consists in different forms of ‘methodological iteration’ whereby the models initiate new lines (...) of inquiry, isolate and clarify problems with existing knowledge claims, and stimulate further research. (shrink)

This thesis attempts to justify a normative role for methodology by sketching a pragmatic way out of the dichotomy between two major strands in economic methodology: empiricism and postmodernism. I discuss several methodological approaches and assess their aptness for theory appraisal in economics. I begin with the most common views on methodology and argue why they are each ill-suited for giving methodological prescriptions to economics. Then, I consider positions that avoid the errors of empiricism and postmodernism. I specifically examine why (...) the two major strands of methodological criticism fail to give helpful methodological advice to economists and sketch out a pragmatic approach that can do this. (shrink)

Philosophers of the social sciences are increasingly convinced that macro-and micro-explanations are complementary. Whereas macro-explanations are broad, micro-explanations are deep. I distinguish between weak and strong complementarity: Strongly complementary explanations improve one another when integrated, weakly complementary explanations do not. To demonstrate the explanatory autonomy of different levels of explanation, explanatory pluralists mostly presuppose the weak form of complementarity. By scrutinizing the notions of explanatory depth and breadth, I argue that macro- and micro-accounts of the same phenomenon are more often (...) strongly complementary. This invites a revision of the pluralist position in which integration promotes explanatory progress. (shrink)