Thoughts on the “scientific method”: part 2 – frequentist fecklessness
AbstractPurpose – The purpose of this two-part series is to consider the role of the “scientific method” (SM) in human understanding, questioning both its consistency in actual practice and its reasonableness as a system of philosophy and action. Design/methodology/approach – Part 2 considers problems of inefficiency and inertia caused by the SM's collectivist, frequentist orientation. Findings – It is argued that problems caused by the SM's frequentist framework may be avoided by a more individualist, Bayesian approach. Originality/value – The two-part series challenges certain aspects of the “scientific method” as employed in the practice of modern science.
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Bibliographic InfoArticle provided by Emerald Group Publishing in its journal Journal of Risk Finance.
Volume (Year): 8 (2007)
Issue (Month): 4 (August)
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