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Fisher New Metrological Horizons3
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Fisher New Metrological Horizons3

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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 …

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.

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  • 1. 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
  • 2. Main Themes
    • Fundamental measurement
      • Theory
      • Supporting evidence
    • Metrology networks
    • Trends indicating growing demand
    • Recommendations
  • 3. Transparency = = = = = = =
  • 4. 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?
  • 5. 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
  • 6. Mathematical Comparisons
  • 7. Numeric Comparisons
  • 8. Numeric Scores Transformed into Mathematical Measures
  • 9. | | 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
  • 10. 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.
  • 11. 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.
  • 12. “… 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
  • 13. 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
  • 14. 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
  • 15. 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
  • 16. 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
  • 17. Tuning the instruments of human, social, and natural capital