- Book title
- The new Palgrave dictionary of economics: Second edition
- Basingstoke: Palgrave Macmillan
- Document type
- Faculty of Economics and Business (FEB)
- Amsterdam School of Economics Research Institute (ASE-RI)
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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