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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
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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, 1982. "Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 5(2), pages 182-198, December.
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    JEL classification:

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

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