Models and modelling practices in science were once ignored in philosophy of science; however, in the past fifty years they have been anything but. From Mary Hesse’s pioneering work in the 1960s, to the writing of Ron Giere, Uskali Maki, Nancy Cartwright, Mary Morgan, and Margaret Morrison in the 80s and 90s, to today’s contributions from Michael Weisberg, Mauricio Suarez, Wendy Parker, and too many others to mention, scientific models are now studied left and right. This work is no longer quirky or marginal, and it spans many scientific fields. There are detailed and intricate accounts of what models are, the variety of different models, and the epistemic and social roles played by models. But we would like to suggest that in one respect, more should be done.
In the last few decades, economists have puzzled over the curious phenomenon of so-called ambiguity-averse preferences. You are indifferent between (A) receiving a cash prize if a coin lands heads, and (B) receiving the prize if a coin lands tails. You are also indifferent between (A*) receiving the prize if the Nikkei stock index goes up and (B*) receiving the prize if it goes down; for you are totally ignorant about the Japanese stock market. But you prefer (A) to (A*), and you prefer (B) to (B*). Thus, intuitively, you prefer gambling on the more familiar toss of a coin than on the less familiar stock market.