Synthese 200 (1):1-23 (
2022)
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Abstract
Lisciandra poses a challenge for robustness analysis as applied to economic models. She argues that substituting tractability assumptions risks altering the main mathematical structure of the model, thereby preventing the possibility of meaningfully evaluating the same model under different assumptions. In such cases RA is argued to be inapplicable. However, Lisciandra is mistaken to take the goal of RA as keeping the mathematical properties of tractability assumptions intact. Instead, RA really aims to keep the modeling component while varying the corresponding mathematical formulation. Thus, her argument concerning whether the associated mathematical properties of certain assumptions can be kept intact is irrelevant to the success of RA. Furthermore, we explicate and develop Lloyd’s account of “model robustness” to provide solutions to Lisciandra’s challenges. Our solutions are, namely, error analysis and independent empirical support. We conclude that although complex economic models do face potential dangers, there are solutions and robustness analysis need not be given up..