
How can we assess the epistemic warrant of an economic model that purports to represent some aspects of economic reality? The general problem of assessing the credibility of an economic model can be broken down into more specific questions concerning the validity, comprehensiveness, robustness, reliability, and autonomy of the model. Here are initial definitions of these concepts.Validity is a measure of the degree to which the assumptions employed in the construction of the model are thought to correspond to the real processes underlying the phenomena represented by the model. Comprehensiveness is the degree to which the model is thought to succeed in capturing the major causal factors that influence the features of the behavior...