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What Is the Role of Value Judgments in Economic Analysis

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What is the role of value judgments in economic analysis?


Definitions:

Transduction

The process of converting one form of energy into another, such as converting light waves into neural signals by the sensory organs.

Absolute Threshold

The smallest intensity of a stimulus that can be detected by an organism's sensory systems 50% of the time.

Signal Detection

A theory that aims to quantify the ability to discern between information-bearing patterns and random patterns that distract from the information.

Absolute Threshold

The absolute threshold refers to the minimum intensity of a stimulus that one can detect 50% of the time.

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