Fisher New Metrological Horizons3

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Information about Fisher New Metrological Horizons3

Published on February 4, 2009

Author: wpfisherjr

Source: slideshare.net

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Abstract: Invariant, additive, and separable parameters for measures of human, social, and natural capital have repeatedly proven their value and utility globally over the last 50 years. Given growing demand for comparable living capital metrics, metrological organizations should position themselves to provide the needed calibration and traceability services.

New Metrological Horizons: Invariant Reference Standards for Instruments Measuring Human, Social, and Natural Capital William P. Fisher, Jr., Ph.D. Sanford, Florida, USA IMEKO Annecy, France September 3-6, 2008

Main Themes Fundamental measurement Theory Supporting evidence Metrology networks Trends indicating growing demand Recommendations

Fundamental measurement

Theory

Supporting evidence

Metrology networks

Trends indicating growing demand

Recommendations

Transparency = = = = = = =

We progressively score each “Yes” a 1, |-->| 1 1 1 1 1 1 1 1 asking at each unit mark: Is the right end of the third block at this line, or to the right of it?

Until the answer is “No”, which we score as “0”: |-->|-->|-->|-->|-->|-->|-->| -->|-->|-->|-->|-->|-->| -->|-->-|->| 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0

Mathematical Comparisons

Numeric Comparisons

Numeric Scores Transformed into Mathematical Measures

| | 16 C | | 15 E 25 + 1314 | 12 N | | T | 11 20 + I | 10 | M | 9 | E 15 + 8 | T | 7 | 6 E | 10 + 5 R | | S | | 4 5 + | 3 | | 2 | +-----+-----+-----+-----+-----+-----+-----+-----+-----+- -7.5 -6.0 -4.5 -3.0 -1.5 0.0 1.5 3.0 4.5 6.0 ORDINAL OBSERVATIONS CALIBRATED IN LOGITS

Pelton, T., & Bunderson, V. (2003). The recovery of the density scale using a stochastic quasi-realization of additive conjoint measurement. Journal of Applied Measurement, 4 (3), 269-81.

The Question of Measurement 55 correlations of 11 calibrations of 8 similar items included on 4 clinical assessments of physical functioning: mean r = 0.93, mode = 0.98 Fisher, W. P., Jr. (1997). Physical disability construct convergence across instruments: Towards a universal metric. Journal of Outcome Measurement , 1 (2), 87-113.

“… the existence of quantitative correlations between the various forms of energy imposes upon men of science the duty of bringing all kinds of physical quantity to one common scale of comparison. ” - J. D. Everett, 1881 quoted in Smith & Wise 1989, pp. 684-5

Trends Indicating Increasing Demand for New Metrological Infrastructure Economic demand for low-friction markets Realization that transaction costs are most important costs in a market Organic conception of capital as living Long-term sustainable profitability requires manageable measures of HSN capital Desire to coordinate decentralized independent decisions into aggregate outcomes High returns on metrological investments

Economic demand for low-friction markets

Realization that transaction costs are most important costs in a market

Organic conception of capital as living

Long-term sustainable profitability requires manageable measures of HSN capital

Desire to coordinate decentralized independent decisions into aggregate outcomes

High returns on metrological investments

Recommendations Do not force consensus on content Allow consensus to emerge in data Do not set standards by content Equate instruments to same metric Do not require use of one set of items Calibrate all valid items to same scale Do not jam les sabots in the wheels of commerce with high-friction local metrics Grease the wheels of commerce with low-friction global metrics

Do not force consensus on content

Allow consensus to emerge in data

Do not set standards by content

Equate instruments to same metric

Do not require use of one set of items

Calibrate all valid items to same scale

Do not jam les sabots in the wheels of commerce with high-friction local metrics

Grease the wheels of commerce with low-friction global metrics

More Recommendations Don’t define markets by arbitrary instrument-dependent metrics Allow markets to define the nonarbitrary invariant metric expressing the free flow of capital Do not assume data homogeneity Vigilantly monitor data for failures of invariance Do not try to set global standards alone Convene stakeholders to set and deploy standards

Don’t define markets by arbitrary instrument-dependent metrics

Allow markets to define the nonarbitrary invariant metric expressing the free flow of capital

Do not assume data homogeneity

Vigilantly monitor data for failures of invariance

Do not try to set global standards alone

Convene stakeholders to set and deploy standards

Yet More Recommendations Educate investment groups as to value of metrology for profitably managing HSN capital Suggest investments in academic HSN capital metrology research centers Educate and convene stakeholder groups on HSN capital metrology Introduce existing standards groups to new metrological horizons Integrate existing measurement research into new metrological framework

Educate investment groups as to value of metrology for profitably managing HSN capital

Suggest investments in academic HSN capital metrology research centers

Educate and convene stakeholder groups on HSN capital metrology

Introduce existing standards groups to new metrological horizons

Integrate existing measurement research into new metrological framework

Tuning the instruments of human, social, and natural capital

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