, Lecture notes week 1
What is the academic perspective? Reality (practice) -> Theory (goals) -> application
To go from reality to theory the tool is research method
Theory is a causal explanation of why things happen
Induction: observations -> patterns -> propositions -> theory
Deduction: Theory -> hypothesis -> observation (testing) -> falsification/support
Descriptive theory: categorization by the attributes of the phenomena -> statement of
correlation
Normative theory: categorization of the circumstances in which we might find ourselves ->
statement of causality
Normative decision theory addresses itself to the question of how people ought to make
decisions in various types of situations, if they wish to be regarded (or to regard themselves)
as ‘rational’. Descriptive decision theory purports to describe how people actually make
decisions in a variety of situations.
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