Download or read book The Philosophy of Causality in Economics written by Mariusz Maziarz and published by Routledge. This book was released on 2020-05-13 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Approximately one in six top economic research papers draws an explicitly causal conclusion. But what do economists mean when they conclude that A ‘causes’ B? Does ‘cause’ say that we can influence B by intervening on A, or is it only a label for the correlation of variables? Do quantitative analyses of observational data followed by such causal inferences constitute sufficient grounds for guiding economic policymaking? The Philosophy of Causality in Economics addresses these questions by analyzing the meaning of causal claims made by economists and the philosophical presuppositions underlying the research methods used. The book considers five key causal approaches: the regularity approach, probabilistic theories, counterfactual theories, mechanisms, and interventions and manipulability. Each chapter opens with a summary of literature on the relevant approach and discusses its reception among economists. The text details case studies, and goes on to examine papers which have adopted the approach in order to highlight the methods of causal inference used in contemporary economics. It analyzes the meaning of the causal claim put forward, and finally reconstructs the philosophical presuppositions accepted implicitly by economists. The strengths and limitations of each method of causal inference are also considered in the context of using the results as evidence for policymaking. This book is essential reading to those interested in literature on the philosophy of economics, as well as the philosophy of causality and economic methodology in general.
Download or read book Mechanism and Causality in Biology and Economics written by Hsiang-Ke Chao and published by Springer Science & Business Media. This book was released on 2013-07-31 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume addresses fundamental issues in the philosophy of science in the context of two most intriguing fields: biology and economics. Written by authorities and experts in the philosophy of biology and economics, Mechanism and Causality in Biology and Economics provides a structured study of the concepts of mechanism and causality in these disciplines and draws careful juxtapositions between philosophical apparatus and scientific practice. By exploring the issues that are most salient to the contemporary philosophies of biology and economics and by presenting comparative analyses, the book serves as a platform not only for gaining mutual understanding between scientists and philosophers of the life sciences and those of the social sciences, but also for sharing interdisciplinary research that combines both philosophical concepts in both fields. The book begins by defining the concepts of mechanism and causality in biology and economics, respectively. The second and third parts investigate philosophical perspectives of various causal and mechanistic issues in scientific practice in the two fields. These two sections include chapters on causal issues in the theory of evolution; experiments and scientific discovery; representation of causal relations and mechanism by models in economics. The concluding section presents interdisciplinary studies of various topics concerning extrapolation of life sciences and social sciences, including chapters on the philosophical investigation of conjoining biological and economic analyses with, respectively, demography, medicine and sociology.
Download or read book Causality in Macroeconomics written by Kevin D. Hoover and published by Cambridge University Press. This book was released on 2001-08-13 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2001, Causality in Macroeconomics addresses the long-standing problems of causality while taking macroeconomics seriously. The practical concerns of the macroeconomist and abstract concerns of the philosopher inform each other. Grounded in pragmatic realism, the book rejects the popular idea that macroeconomics requires microfoundations, and argues that the macroeconomy is a set of structures that are best analyzed causally. Ideas originally due to Herbert Simon and the Cowles Commission are refined and generalized to non-linear systems, particularly to the non-linear systems with cross-equation restrictions that are ubiquitous in modern macroeconomic models with rational expectations (with and without regime-switching). These ideas help to clarify philosophical as well as economic issues. The structural approach to causality is then used to evaluate more familiar approaches to causality due to Granger, LeRoy and Glymour, Spirtes, Scheines and Kelly, as well as vector autoregressions, the Lucas critique, and the exogeneity concepts of Engle, Hendry and Richard.
Download or read book Prediction and Causality in Econometrics and Related Topics written by Nguyen Ngoc Thach and published by Springer Nature. This book was released on 2021-07-26 with total page 691 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the ultimate goal of economic studies to predict how the economy develops—and what will happen if we implement different policies. To be able to do that, we need to have a good understanding of what causes what in economics. Prediction and causality in economics are the main topics of this book's chapters; they use both more traditional and more innovative techniques—including quantum ideas -- to make predictions about the world economy (international trade, exchange rates), about a country's economy (gross domestic product, stock index, inflation rate), and about individual enterprises, banks, and micro-finance institutions: their future performance (including the risk of bankruptcy), their stock prices, and their liquidity. Several papers study how COVID-19 has influenced the world economy. This book helps practitioners and researchers to learn more about prediction and causality in economics -- and to further develop this important research direction.
Download or read book Causality in Economics written by Sir John Richard Hicks and published by . This book was released on 1979 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Causal Inference written by Scott Cunningham and published by Yale University Press. This book was released on 2021-01-26 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: An accessible, contemporary introduction to the methods for determining cause and effect in the Social Sciences “Causation versus correlation has been the basis of arguments—economic and otherwise—since the beginning of time. Causal Inference: The Mixtape uses legit real-world examples that I found genuinely thought-provoking. It’s rare that a book prompts readers to expand their outlook; this one did for me.”—Marvin Young (Young MC) Causal inference encompasses the tools that allow social scientists to determine what causes what. In a messy world, causal inference is what helps establish the causes and effects of the actions being studied—for example, the impact (or lack thereof) of increases in the minimum wage on employment, the effects of early childhood education on incarceration later in life, or the influence on economic growth of introducing malaria nets in developing regions. Scott Cunningham introduces students and practitioners to the methods necessary to arrive at meaningful answers to the questions of causation, using a range of modeling techniques and coding instructions for both the R and the Stata programming languages.
Download or read book The Effect written by Nick Huntington-Klein and published by CRC Press. This book was released on 2021-12-20 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extensive code examples in R, Stata, and Python Chapters on overlooked topics in econometrics classes: heterogeneous treatment effects, simulation and power analysis, new cutting-edge methods, and uncomfortable ignored assumptions An easy-to-read conversational tone Up-to-date coverage of methods with fast-moving literatures like difference-in-differences
Download or read book Causality written by Judea Pearl and published by Cambridge University Press. This book was released on 2009-09-14 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: Causality offers the first comprehensive coverage of causal analysis in many sciences, including recent advances using graphical methods. Pearl presents a unified account of the probabilistic, manipulative, counterfactual and structural approaches to causation, and devises simple mathematical tools for analyzing the relationships between causal connections, statistical associations, actions and observations. The book will open the way for including causal analysis in the standard curriculum of statistics, artificial intelligence ...
Download or read book Causal Inference in Economic Models written by Stephen F. LeRoy and published by Cambridge Scholars Publishing. This book was released on 2020-10-12 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: There exist applications in many research areas including (but not limited to) economics dealing with causation that are analyzed using multi-equation mathematical models. This book develops and describes a formal treatment of causation in such mathematical models. It serves to replace existing treatments of causation, which almost without exception are vague and otherwise unsatisfactory. Development of theory is accompanied here by extensive analysis of examples drawn from the economics literature: treatment evaluation, potential outcomes, applied econometrics. The theory outlined here will be extremely useful in economics and such related fields as biology and biomedicine.
Download or read book The Book of Why written by Judea Pearl and published by Basic Books. This book was released on 2018-05-15 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Turing Award-winning computer scientist and statistician shows how understanding causality has revolutionized science and will revolutionize artificial intelligence "Correlation is not causation." This mantra, chanted by scientists for more than a century, has led to a virtual prohibition on causal talk. Today, that taboo is dead. The causal revolution, instigated by Judea Pearl and his colleagues, has cut through a century of confusion and established causality -- the study of cause and effect -- on a firm scientific basis. His work explains how we can know easy things, like whether it was rain or a sprinkler that made a sidewalk wet; and how to answer hard questions, like whether a drug cured an illness. Pearl's work enables us to know not just whether one thing causes another: it lets us explore the world that is and the worlds that could have been. It shows us the essence of human thought and key to artificial intelligence. Anyone who wants to understand either needs The Book of Why.
Download or read book Causal Inference in Econometrics written by Van-Nam Huynh and published by Springer. This book was released on 2015-12-28 with total page 638 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is devoted to the analysis of causal inference which is one of the most difficult tasks in data analysis: when two phenomena are observed to be related, it is often difficult to decide whether one of them causally influences the other one, or whether these two phenomena have a common cause. This analysis is the main focus of this volume. To get a good understanding of the causal inference, it is important to have models of economic phenomena which are as accurate as possible. Because of this need, this volume also contains papers that use non-traditional economic models, such as fuzzy models and models obtained by using neural networks and data mining techniques. It also contains papers that apply different econometric models to analyze real-life economic dependencies.
Download or read book Introduction to Modern Time Series Analysis written by Gebhard Kirchgässner and published by Springer Science & Business Media. This book was released on 2008-08-27 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents modern developments in time series econometrics that are applied to macroeconomic and financial time series. It contains the most important approaches to analyze time series which may be stationary or nonstationary.
Download or read book Elements of Causal Inference written by Jonas Peters and published by MIT Press. This book was released on 2017-11-29 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: A concise and self-contained introduction to causal inference, increasingly important in data science and machine learning. The mathematization of causality is a relatively recent development, and has become increasingly important in data science and machine learning. This book offers a self-contained and concise introduction to causal models and how to learn them from data. After explaining the need for causal models and discussing some of the principles underlying causal inference, the book teaches readers how to use causal models: how to compute intervention distributions, how to infer causal models from observational and interventional data, and how causal ideas could be exploited for classical machine learning problems. All of these topics are discussed first in terms of two variables and then in the more general multivariate case. The bivariate case turns out to be a particularly hard problem for causal learning because there are no conditional independences as used by classical methods for solving multivariate cases. The authors consider analyzing statistical asymmetries between cause and effect to be highly instructive, and they report on their decade of intensive research into this problem. The book is accessible to readers with a background in machine learning or statistics, and can be used in graduate courses or as a reference for researchers. The text includes code snippets that can be copied and pasted, exercises, and an appendix with a summary of the most important technical concepts.
Download or read book Time and Decision written by George Loewenstein and published by Russell Sage Foundation. This book was released on 2003-02-27 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do people decide whether to sacrifice now for a future reward or to enjoy themselves in the present? Do the future gains of putting money in a pension fund outweigh going to Hawaii for New Year's Eve? Why does a person's self-discipline one day often give way to impulsive behavior the next? Time and Decision takes up these questions with a comprehensive collection of new research on intertemporal choice, examining how people face the problem of deciding over time. Economists approach intertemporal choice by means of a model in which people discount the value of future events at a constant rate. A vacation two years from now is worth less to most people than a vacation next week. Psychologists, on the other hand, have focused on the cognitive and emotional underpinnings of intertemporal choice. Time and Decision draws from both disciplinary approaches to provide a comprehensive picture of the various layers of choice involved. Shane Frederick, George Loewenstein, and Ted O'Donoghue introduce the volume with an overview of the research on time discounting and focus on how people actually discount the future compared to the standard economic model. Alex Kacelnik discusses the crucial role that the ability to delay gratification must have played in evolution. Walter Mischel and colleagues review classic research showing that four year olds who are able to delay gratification subsequently grow up to perform better in college than their counterparts who chose instant gratification. The book also delves into the neurobiology of patience, examining the brain structures involved in the ability to withstand an impulse. Turning to the issue of self-control, Klaus Wertenbroch examines the relationship between consumption and available resources, showing, for example, how a high credit limit can lead people to overspend. Ted O'Donoghue and Matthew Rabin show how people's awareness of their self-control problems affects their decision-making. The final section of the book examines intertemporal choice with regard to health, drug addiction, dieting, marketing, savings, and public policy. All of us make important decisions every day-many of which profoundly affect the quality of our lives. Time and Decision provides a fascinating look at the complex factors involved in how and why we make our choices, so many of them short-sighted, and helps us understand more precisely this crucial human frailty.
Download or read book The Economics of Artificial Intelligence written by Ajay Agrawal and published by University of Chicago Press. This book was released on 2024-03-05 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.
Download or read book Actual Causality written by Joseph Y. Halpern and published by MIT Press. This book was released on 2019-02-19 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new approach for defining causality and such related notions as degree of responsibility, degrees of blame, and causal explanation. Causality plays a central role in the way people structure the world; we constantly seek causal explanations for our observations. But what does it even mean that an event C “actually caused” event E? The problem of defining actual causation goes beyond mere philosophical speculation. For example, in many legal arguments, it is precisely what needs to be established in order to determine responsibility. The philosophy literature has been struggling with the problem of defining causality since Hume. In this book, Joseph Halpern explores actual causality, and such related notions as degree of responsibility, degree of blame, and causal explanation. The goal is to arrive at a definition of causality that matches our natural language usage and is helpful, for example, to a jury deciding a legal case, a programmer looking for the line of code that cause some software to fail, or an economist trying to determine whether austerity caused a subsequent depression. Halpern applies and expands an approach to causality that he and Judea Pearl developed, based on structural equations. He carefully formulates a definition of causality, and building on this, defines degree of responsibility, degree of blame, and causal explanation. He concludes by discussing how these ideas can be applied to such practical problems as accountability and program verification. Technical details are generally confined to the final section of each chapter and can be skipped by non-mathematical readers.
Download or read book Contemporary Methods and Austrian Economics written by Daniel J. D'Amico and published by Emerald Group Publishing. This book was released on 2022-01-27 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contemporary Methods and Austrian Economics, examines the relationship between Austrian economics and these new social scientific methods.
