53 min listen
Paul Pfleiderer on the Misuse of Economic Models
FromEconTalk
ratings:
Length:
61 minutes
Released:
Sep 8, 2014
Format:
Podcast episode
Description
Paul Pfleiderer, C.O.G. Miller Distinguished Professor of Finance at the Graduate School of Business at Stanford University, talks with EconTalk host Russ Roberts about his recent paper critiquing what Pfleiderer calls "Chameleon Models," economic models that are thought to explain the real world with little analysis of the accuracy of their assumptions. Also discussed are Akerlof's market for lemons model, Friedman's idea that assumptions do not have to be reasonable as long as the model predicts what happens in the real world, and the dangers of leaping from a model's results to making policy recommendations.
Released:
Sep 8, 2014
Format:
Podcast episode
Titles in the series (100)
Chris Anderson and the Long Tail: Russ Roberts talks with Chris Anderson of Wired Magazine about the ideas in his new book, The Long Tail. Topics include the weird world of internet distribution and production, the wonders of the Sears catalog of the 1890s, and the economics of choice. by EconTalk