Dilemmas of an Economic Theorist

EconometricaVolume 74, Issue 4 p. 865-883 Dilemmas of an Economic Theorist Ariel Rubinstein, Ariel Rubinstein This paper was presented as the Presidential Address to the Econometric Society in Madrid in 2004. I am grateful to all those who provided comments, especially Rani Spiegler and a co-editor of the journal.Search for more papers by this author Ariel Rubinstein, Ariel Rubinstein This paper was presented as the Presidential Address to the Econometric Society in Madrid in 2004. I am grateful to all those who provided comments, especially Rani Spiegler and a co-editor of the journal.Search for more papers by this author First published: 19 June 2006 https://doi.org/10.1111/j.1468-0262.2006.00689.xCitations: 114 AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Abstract What on earth are economic theorists like me trying to accomplish? This paper discusses four dilemmas encountered by an economic theorist: The dilemma of absurd conclusions: Should we abandon a model if it produces absurd conclusions or should we regard a model as a very limited set of assumptions that will inevitably fail in some contexts? The dilemma of responding to evidence: Should our models be judged according to experimental results? The dilemma of modelless regularities: Should models provide the hypothesis for testing or are they simply exercises in logic that have no use in identifying regularities? The dilemma of relevance: Do we have the right to offer advice or to make statements that are intended to influence the real world? Citing Literature Volume74, Issue4July 2006Pages 865-883 RelatedInformation