Measurement
| Authors | |
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| Publication date | 2008 |
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| Book title | The new Palgrave dictionary of economics: Second edition |
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| Publisher | Basingstoke: Palgrave Macmillan |
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| Abstract |
Measurement theory takes measurement as the assignment of numbers to properties of an empirical system so that a homomorphism between the system and a numerical system is established. To avoid operationalism, two approaches can be distinguished. In the axiomatic approach it is asserted that if the empirical system satisfies a certain set of axioms such a homomorphism can be constructed. In the empirical approach, empirical adequacy is established by aiming at accuracy, precision and standardization. Precision is achieved by least-squares-errors methods, accuracy by calibration and standardization by the involvement of independent theoretical and empirical studies.
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| Document type | Chapter |
| Published at | https://doi.org/10.1057/9780230226203.1075 |
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