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http://ssrn.com/abstract=1433818
 
 

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Measurement in Economics


Marcel J. Boumans


University of Amsterdam; Tinbergen Institute; Erasmus University Rotterdam (EUR) - Erasmus Institute for Philosophy and Economics (EIPE)

July 14, 2009

HANDBOOK OF THE PHILOSOPHY OF ECONOMICS, U Mäki, ed., Elsevier, Forthcoming

Abstract:     
The Representational Theory of Measurement conceives measurement as establishing homomorphisms from empirical relational structures into numerical relation structures, called models. There are two different approaches to deal with the justification of a model: an axiomatic and an empirical approach. The axiomatic approach verifies whether a given relational structure satisfies certain axioms to secure homomorphic mapping. The empirical approach conceives models to function as measuring instruments by transferring observations of an economic system into quantitative facts about that system. These facts are evaluated by their accuracy and precision. Precision is achieved by least squares methods and accuracy by calibration. For calibration standards are needed. Then two strategies can be distinguished. One aims at estimating the invariant (structural) equations of the system. The other strategy is to use known stable facts about the system to adjust the model parameters. For this strategy, the requirement of models as homomorphic mappings has been dropped.

Number of Pages in PDF File: 41

Keywords: calibration, error, instrument, model, precision, scale, standard

JEL Classification: B4

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Date posted: July 18, 2009  

Suggested Citation

Boumans, Marcel J., Measurement in Economics (July 14, 2009). HANDBOOK OF THE PHILOSOPHY OF ECONOMICS, U Mäki, ed., Elsevier, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1433818

Contact Information

Marcel J. Boumans (Contact Author)
University of Amsterdam ( email )
Roetersstraat 11
Amsterdam, North Holland 1018 WB
Netherlands
+31 20 525 4197 (Phone)
+31 20 525 4254 (Fax)
HOME PAGE: http://www.fee.uva.nl/pp/mboumans/
Tinbergen Institute ( email )
Gustav Mahlerplein 117
Amsterdam, 1082 MS
Netherlands
Erasmus University Rotterdam (EUR) - Erasmus Institute for Philosophy and Economics (EIPE) ( email )
P.O. Box 1738
EIPE Office, Room H5-23
3000 Dr Rotterdam
Netherlands
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