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Economic Explanation, Ordinality and the Adequacy of Analytic Specification

Author

Listed:
  • Donald W. Katzner

    (University of Massachusetts Amherst)

  • Peter Skott

Abstract

This paper examines the implicit links between models containing ordinal variables and their underlying unquantified counterparts that are necessary to make the former viable theoretical constructions. It is argued that when the underlying unquantified structure is unknown, the permissible transformations of scale applicable to the ordinal variables have to be restricted beyond that which is permitted by dint of the ordinality itself. The possibility of an underlying structure being known but unspecified is also considered. In the case of the efficiency wage model, the only usable transformations of the ordinal effort scale are those which are multiples of each other.

Suggested Citation

  • Donald W. Katzner & Peter Skott, 2004. "Economic Explanation, Ordinality and the Adequacy of Analytic Specification," UMASS Amherst Economics Working Papers 2004-02, University of Massachusetts Amherst, Department of Economics.
    • Handle: RePEc:ums:papers:2004-02
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    File URL: http://www.umass.edu/economics/publications/2004-02.pdf
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    Cited by:

    1. Frederick Guy & Peter Skott, 2008. "Power, Productivity, and Profits," Springer Books, in: Matthew Braham & Frank Steffen (ed.), Power, Freedom, and Voting, chapter 20, pages 385-403, Springer.
    2. Peter Skott & Frederick Guy, 2005. "Power-Biased Technological Change and the Rise in Earnings Inequality," UMASS Amherst Economics Working Papers 2005-17, University of Massachusetts Amherst, Department of Economics.
    3. Kjell Hausken, 2019. "Principal–Agent Theory, Game Theory, and the Precautionary Principle," Decision Analysis, INFORMS, vol. 16(2), pages 105-127, June.
    4. Donald W. Katzner, 2016. "The Stages of Model Building in Economics," Studies in Microeconomics, , vol. 4(2), pages 79-99, December.

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