What's so Informative about Choice?

Andrew Schotter

    Research output: Chapter in Book/Report/Conference proceedingChapter

    Abstract

    Like any other science, economics, as suggested by Milton Friedman, aims to come up with a "hypothesis" or "theory" that can possibly explain certain phenomena. The author of this chapter attempts to test theory by comparing choices made in the laboratory with specific predictions. The process of discovery, like that practiced in other sciences, involves the conceptualization of a theory, testing it empirically through experimentation, and modifying it with the aid of empirical or experimental evidence. In choosing the data to be used in such experiments, one has to consider that direct observable indicators like prices are the only reliable sources when dealing with conventional theory. On the other hand, choices that account for emotions, beliefs, and other such sources are essential when taking an operationalist view.

    Original languageEnglish (US)
    Title of host publicationThe Foundations of Positive and Normative Economics: A Hand Book
    PublisherOxford University Press
    ISBN (Electronic)9780199851768
    ISBN (Print)9780195328318
    DOIs
    StatePublished - Oct 3 2011

    Fingerprint

    Emotion
    Experimentation
    Economics
    Prediction
    Theory testing
    Experiment
    Conceptualization
    Milton Friedman

    Keywords

    • Conventional theory
    • Discovery
    • Economics
    • Hypothesis
    • Milton Friedman
    • Operationalist view
    • Reliable data
    • Science
    • Theory

    ASJC Scopus subject areas

    • Economics, Econometrics and Finance(all)

    Cite this

    Schotter, A. (2011). What's so Informative about Choice? In The Foundations of Positive and Normative Economics: A Hand Book Oxford University Press. https://doi.org/10.1093/acprof:oso/9780195328318.003.0003

    What's so Informative about Choice? / Schotter, Andrew.

    The Foundations of Positive and Normative Economics: A Hand Book. Oxford University Press, 2011.

    Research output: Chapter in Book/Report/Conference proceedingChapter

    Schotter, A 2011, What's so Informative about Choice? in The Foundations of Positive and Normative Economics: A Hand Book. Oxford University Press. https://doi.org/10.1093/acprof:oso/9780195328318.003.0003
    Schotter A. What's so Informative about Choice? In The Foundations of Positive and Normative Economics: A Hand Book. Oxford University Press. 2011 https://doi.org/10.1093/acprof:oso/9780195328318.003.0003
    Schotter, Andrew. / What's so Informative about Choice?. The Foundations of Positive and Normative Economics: A Hand Book. Oxford University Press, 2011.
    @inbook{6cb5a7b50d67402b88f6702f1fa2446f,
    title = "What's so Informative about Choice?",
    abstract = "Like any other science, economics, as suggested by Milton Friedman, aims to come up with a {"}hypothesis{"} or {"}theory{"} that can possibly explain certain phenomena. The author of this chapter attempts to test theory by comparing choices made in the laboratory with specific predictions. The process of discovery, like that practiced in other sciences, involves the conceptualization of a theory, testing it empirically through experimentation, and modifying it with the aid of empirical or experimental evidence. In choosing the data to be used in such experiments, one has to consider that direct observable indicators like prices are the only reliable sources when dealing with conventional theory. On the other hand, choices that account for emotions, beliefs, and other such sources are essential when taking an operationalist view.",
    keywords = "Conventional theory, Discovery, Economics, Hypothesis, Milton Friedman, Operationalist view, Reliable data, Science, Theory",
    author = "Andrew Schotter",
    year = "2011",
    month = "10",
    day = "3",
    doi = "10.1093/acprof:oso/9780195328318.003.0003",
    language = "English (US)",
    isbn = "9780195328318",
    booktitle = "The Foundations of Positive and Normative Economics: A Hand Book",
    publisher = "Oxford University Press",
    address = "United Kingdom",

    }

    TY - CHAP

    T1 - What's so Informative about Choice?

    AU - Schotter, Andrew

    PY - 2011/10/3

    Y1 - 2011/10/3

    N2 - Like any other science, economics, as suggested by Milton Friedman, aims to come up with a "hypothesis" or "theory" that can possibly explain certain phenomena. The author of this chapter attempts to test theory by comparing choices made in the laboratory with specific predictions. The process of discovery, like that practiced in other sciences, involves the conceptualization of a theory, testing it empirically through experimentation, and modifying it with the aid of empirical or experimental evidence. In choosing the data to be used in such experiments, one has to consider that direct observable indicators like prices are the only reliable sources when dealing with conventional theory. On the other hand, choices that account for emotions, beliefs, and other such sources are essential when taking an operationalist view.

    AB - Like any other science, economics, as suggested by Milton Friedman, aims to come up with a "hypothesis" or "theory" that can possibly explain certain phenomena. The author of this chapter attempts to test theory by comparing choices made in the laboratory with specific predictions. The process of discovery, like that practiced in other sciences, involves the conceptualization of a theory, testing it empirically through experimentation, and modifying it with the aid of empirical or experimental evidence. In choosing the data to be used in such experiments, one has to consider that direct observable indicators like prices are the only reliable sources when dealing with conventional theory. On the other hand, choices that account for emotions, beliefs, and other such sources are essential when taking an operationalist view.

    KW - Conventional theory

    KW - Discovery

    KW - Economics

    KW - Hypothesis

    KW - Milton Friedman

    KW - Operationalist view

    KW - Reliable data

    KW - Science

    KW - Theory

    UR - http://www.scopus.com/inward/record.url?scp=84920751229&partnerID=8YFLogxK

    UR - http://www.scopus.com/inward/citedby.url?scp=84920751229&partnerID=8YFLogxK

    U2 - 10.1093/acprof:oso/9780195328318.003.0003

    DO - 10.1093/acprof:oso/9780195328318.003.0003

    M3 - Chapter

    SN - 9780195328318

    BT - The Foundations of Positive and Normative Economics: A Hand Book

    PB - Oxford University Press

    ER -