Chap02 - Chapter 2: Variables, Measurements, Explanations 1...

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1 Chapter 2: Variables, Measurements, Explanations
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2 Seven Types of Measurement 5 scales, 2 more types you will see in econometrics Basic Idea: Just because you used some numbers to represent some empirical data you’re interested in does NOT mean that the empirical phenomena have all and only the arithmetic properties of those numbers.
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3 E.g., counting Number of buildings on a block Number of ships leased The number represents an “absolute” property of whatever is being measured This number cannot be changed. Absolute Scales
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4 E.g., length, weight Makes sense to say “X is twice as long as Y” Doesn’t matter whether you measured in feet or meters Ratio scales get their name because if you switch from one ratio scale to another, you still preserve the ratios of (pairs of) measurements. Ratio Scales
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Interval Scales E.g. temperature, calendar dates, time Doesn’t make sense to say “X is twice as hot as Y” Such a claim depends on whether you
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Chap02 - Chapter 2: Variables, Measurements, Explanations 1...

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