Inductive Inference
Around 1960, Ray Solomonoff founded the theory of universal inductive inference, the theory of prediction based on observations; for example, predicting the next symbol based upon a given series of symbols. This is a formal inductive framework that combines algorithmic information theory with the Bayesian framework. Universal inductive inference is based on solid philosophical foundations and can be considered as a mathematically formalized Occam's razor. Fundamental ingredients of the theory are the concepts of algorithmic probability and Kolmogorov complexity.
Read more about this topic: Inductive Reasoning
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“Rules and particular inferences alike are justified by being brought into agreement with each other. A rule is amended if it yields an inference we are unwilling to accept; an inference is rejected if it violates a rule we are unwilling to amend. The process of justification is the delicate one of making mutual adjustments between rules and accepted inferences; and in the agreement achieved lies the only justification needed for either.”
—Nelson Goodman (b. 1906)