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The principal methods used by Stevens to measure the perceived intensity of a stimulus were magnitude estimation and magnitude production. In magnitude estimation with a standard, the experimenter presents a stimulus called a standard and assigns it a number called the modulus. For subsequent stimuli, subjects report numerically their perceived ...
A fixed-price value measure is used to measure changes in quality and quantity. True to its name, prices are kept fixed for a minimum of two measuring situations. For this reason, it is possible to define the changes in quality and quantity of a most varied and wide range of commodities, keeping apart the changes in income distribution.
Here we see that an increase in disposable income would increase the quantity demanded of the good by 2,000 units at each price. This increase in demand would have the effect of shifting the demand curve rightward. The result is a change in the price at which quantity supplied equals quantity demanded.
Psychophysics quantitatively investigates the relationship between physical stimuli and the sensations and perceptions they produce. Psychophysics has been described as "the scientific study of the relation between stimulus and sensation" [1] or, more completely, as "the analysis of perceptual processes by studying the effect on a subject's experience or behaviour of systematically varying the ...
The magnitude of an intensive quantity does not depend on the size, or extent, of the object or system of which the quantity is a property, whereas magnitudes of an extensive quantity are additive for parts of an entity or subsystems. Thus, magnitude does depend on the extent of the entity or system in the case of extensive quantity.
Econometrics is an application of statistical methods to economic data in order to give empirical content to economic relationships. [1] More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference."
In cognitive science and behavioral economics, loss aversion refers to a cognitive bias in which the same situation is perceived as worse if it is framed as a loss, rather than a gain. [1] [2] It should not be confused with risk aversion, which describes the rational behavior of valuing an uncertain outcome at less than its expected value.
The quantity theory of money (often abbreviated QTM) is a hypothesis within monetary economics which states that the general price level of goods and services is directly proportional to the amount of money in circulation (i.e., the money supply), and that the causality runs from money to prices. This implies that the theory potentially ...