Author:
Vergara-Fernández Melissa,Heilmann Conrad,Szymanowska Marta
Abstract
AbstractPhilosophers 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.
Publisher
Springer Science and Business Media LLC
Subject
History and Philosophy of Science,Philosophy
Reference63 articles.
1. Ancell, K. (2012, Spring). The generation of the first index fund. Chicago Booth Magazine, Spring 2012, 4.
2. Aydinonat, N. E. (2018). The diversity of models as a means to better explanations in economics. Journal of Economic Methodology, 25(3), 237–251. https://doi.org/10.1080/1350178X.2018.1488478
3. Bank Administration Institute. (1968). Measuring the investment performance of pension funds. Bank Administration Institute.
4. Batterman, R. W., & Rice, C. C. (2014). Minimal model explanations. Philosophy of Science, 81(3), 349–376. https://doi.org/10.1086/676677
5. Bernstein, P. L. (1993). Capital ideas: The improbable origins of modern wall street. Simon and Schuster.
Cited by
2 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献
1. Financial performativity and financial security;Finance and Credit;2023-08-30
2. Managing Performative Models;Philosophy of the Social Sciences;2023-05-25