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Economic Analysis: Theory and Practice
 

Modern economic modeling: Formalized criteria and classification

ISSUE 11, NOVEMBER 2025

PDF  Article PDF Version

Received: 29 August 2025

Accepted: 11 October 2025

Available online: 18 November 2025

Subject Heading: Theory and methodology of economic analysis

JEL Classification: С53, Е17

Pages: 60-70

https://doi.org/10.24891/cjbvoj

Subject. The article investigates modern economic modeling and the problem of determining the scientific status of models in the context of methodological diversity.
Objectives. The purpose is to develop a universal methodological standard for assessing the scientific rigor of economic models, using a system of formal predicates.
Methods. The study employs philosophical and methodological analysis, formal predicate logic, and tools of applied econometrics. It offers the operationalization of philosophical criteria of scientific validity through a system of binary predicates, each of which is associated with a set of statistical and econometric tests.
Results. The paper formulated minimum criterion of scientific validity enabling to separate models that meet basic requirements from unscientific ones; developed a hierarchy of levels of scientific rigor - from basic predictive to integral. The testing on the case of innovative models (neural network systems, machine learning ensembles, agent-oriented approaches), revealed their strengths and weaknesses.
Conclusions. The proposed predicate system provides a reproducible classification of economic models, increases the transparency of their comparison and defines the areas of justified application. The findings can be used both in philosophical and methodological reflection and in the practical evaluation of models for forecasting, policy analysis, and risk management.

Keywords: modern economic modeling, logical formalization, classification of models, forecasting, methodology of science

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