Is it Possible to Relax Ceteris Paribus Assumption in Economic Models?

FEA Working Paper No. 2007-16

12 Pages Posted: 28 Jun 2007 Last revised: 5 Jan 2010

See all articles by Mario Arturo Ruiz Estrada

Mario Arturo Ruiz Estrada

Universidad de San Carlos de Guatemala - Facultad de Ciencias Economicas

Su-Fei Yap

University of Malaya - FEA

Shyamala Nagaraj

University of Malaya (UM) - Faculty of Economics & Administration (FEA)

Date Written: June 25, 2007

Abstract

In this essay we are concerned with how the application of multi-dimensional graphs (or Cartesian Spaces) can enable the relaxation or minimization of ceteris paribus assumption in economic models. Nonetheless, we agree that ceteris paribus assumption is necessary in 2-Dimensional and 3-Dimensional graphical methods in economic models to explain the behavior of different economic phenomenon in the real world.

Keywords: Ceteris Paribus. Economic Models, Economics teaching

JEL Classification: E20

Suggested Citation

Ruiz Estrada, Mario Arturo and Yap, Su-Fei and Nagaraj, Shyamala, Is it Possible to Relax Ceteris Paribus Assumption in Economic Models? (June 25, 2007). FEA Working Paper No. 2007-16, Available at SSRN: https://ssrn.com/abstract=996382 or http://dx.doi.org/10.2139/ssrn.996382

Mario Arturo Ruiz Estrada (Contact Author)

Universidad de San Carlos de Guatemala - Facultad de Ciencias Economicas ( email )

Ciudad Universitaria Zona 12
Guatemala City, Guatemala city 01012
Guatemala
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HOME PAGE: http://www.usac.edu.gt

Su-Fei Yap

University of Malaya - FEA ( email )

Kuala Lumpur, Wilayah Persekutuan 50603
University of Malaya (UM)
50603 Kuala Lumpur
Malaysia
60 17 342 0171 (Phone)

Shyamala Nagaraj

University of Malaya (UM) - Faculty of Economics & Administration (FEA) ( email )

Jalan Lembah Pantai
Kuala Lumpur, Wilayah Persekutuan 50603
Malaysia
+603 - 7967 3643 (Phone)

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