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 language | English |
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| Title of host publication | The New Palgrave Dictionary of Economics. Second Edition |
| Editors | Steven Durlauf, Lawrence Blume |
| Publisher | Palgrave Macmillan |
| DOIs | |
| Publication status | Published - 2008 |
| Externally published | Yes |