Thoughts on the “scientific method”: part 2 – frequentist fecklessness

Purpose – 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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Year of publication:	2007
Authors:	Powers, Michael R.
Published in:	Journal of Risk Finance. - Emerald Group Publishing. - Vol. 8.2007, August, 4, p. 325-329
Publisher:	Emerald Group Publishing
Subject:	Bayesian statistical decision theory \| Philosophy \| Scientific management

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics