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The Role of Empirical Analysis in the Investigation of Situations Involving Ignorance and Historical Time

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  • Donald W. Katzner

    (University of Massachusetts)

Abstract

When empirically investigating situations in which human ignorance and historical time are significant features, use of the notion of probability, in any of its forms, is not legitimate. Thus, familiar distributional techniques such as hypothesis testing and estimation, and standard methods of probabilistic prediction, have to be discarded. Nondistributional "estimation" and nonprobabilistic "prediction" are still possible, and the potential for empirical falsification and "corroboration" of theoretical propositions and models remains intact.

Suggested Citation

  • Donald W. Katzner, 1991. "The Role of Empirical Analysis in the Investigation of Situations Involving Ignorance and Historical Time," Eastern Economic Journal, Eastern Economic Association, vol. 17(3), pages 297-303, Jul-Sep.
    • Handle: RePEc:eej:eeconj:v:17:y:1991:i:3:p:297-303
    as

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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume17/V17N3P297_303.pdf
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    References listed on IDEAS

    as
    1. Paul Davidson, 1991. "Rational Expectations: a Fallacious Foundation for Studying Crucial Decision Making Processes," Palgrave Macmillan Books, in: Louise Davidson (ed.), Inflation, Open Economies and Resources, chapter 12, pages 123-138, Palgrave Macmillan.
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    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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