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Index numbers are used especially to compare business activity, the cost of living, and employment. They enable economists to reduce unwieldy business data into easily understood terms. In contrast to a cost-of-living index based on the true but unknown utility function, a superlative index number is an index number that can be calculated. [1]
The Marshall-Edgeworth index, credited to Marshall (1887) and Edgeworth (1925), [11] is a weighted relative of current period to base period sets of prices. This index uses the arithmetic average of the current and based period quantities for weighting. It is considered a pseudo-superlative formula and is symmetric. [12]
Though each chart uses the same data, the ratio scale chart presents a visual that accurately presents the data. In the above examples, the interval chart shows a magnified subsection of the ratio chart. A common example of this type of interval magnification is used in charting stocks. A chart may indicate severe price swings because the chart ...
The Sperry–Piltz Ice Accumulation Index, or SPIA Index, is a scale for rating ice storm intensity, based on the expected footprint of an ice storm, the expected ice accumulation as a result of a storm, and the expected damage a storm inflicts on human-built structures, especially exposed overhead utility systems such as power lines.
Composite measures measure complex concepts more adequately than single indicators, extend the range of scores available and are more efficient at handling multiple items. In addition to scales, there are two other types of composite measures. Indexes are similar to scales except multiple indicators of a variable are combined into a single ...
Level of measurement or scale of measure is a classification that describes the nature of information within the values assigned to variables. [1] Psychologist Stanley Smith Stevens developed the best-known classification with four levels, or scales, of measurement: nominal , ordinal , interval , and ratio .
Various ways of operationalizing or measuring sustainability have been developed. Since the 2010s, there has been an expansion of interest in Sustainable Development Index (SDI) systems, both in industrialized and, albeit to a lesser extent, in developing countries. SDIs are seen as useful in a wide range of settings, by a wide range of actors ...
Seismic intensity scales categorize the intensity or severity of ground shaking (quaking) at a given location, such as resulting from an earthquake.They are distinguished from seismic magnitude scales, which measure the magnitude or overall strength of an earthquake, which may, or perhaps may not, cause perceptible shaking.