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Plausible reasoning can be used to fill in implicit premises in incomplete arguments. Plausible reasoning is commonly based on appearances from perception. Stability is an important characteristic of plausible reasoning. Plausible reasoning can be tested, and by this means, confirmed or refuted.
In philosophy, Occam's razor (also spelled Ockham's razor or Ocham's razor; Latin: novacula Occami) is the problem-solving principle that recommends searching for explanations constructed with the smallest possible set of elements.
Use of the phrase "working hypothesis" goes back to at least the 1850s. [7]Charles Sanders Peirce came to hold that an explanatory hypothesis is not only justifiable as a tentative conclusion by its plausibility (by which he meant its naturalness and economy of explanation), [8] but also justifiable as a starting point by the broader promise that the hypothesis holds for research.
Nicolaus Bernoulli described the St. Petersburg paradox (involving infinite expected values) in 1713, prompting two Swiss mathematicians to develop expected utility theory as a solution. Bernoulli's paper was the first formalization of marginal utility, which has broad application in economics in addition to expected utility theory. He used ...
For example, a tsunami could also explain why the streets are wet but this is usually not the best explanation. As a form of non-deductive reasoning, abduction does not guarantee the truth of the conclusion even if the premises are true. [80] [82] The more plausible the explanation is, the stronger it is supported by the premises.
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Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
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