Measurement

Research output: Chapter in Book/Report/Conference proceedingChapterAcademicpeer-review

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.
Original languageEnglish
Title of host publicationThe New Palgrave Dictionary of Economics. Second Edition
EditorsSteven Durlauf, Lawrence Blume
PublisherPalgrave Macmillan
DOIs
Publication statusPublished - 2008
Externally publishedYes

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