What Are Five Measures of Association That Are Useful When

question 34

Essay

What are five measures of association that are useful when interpreting bivariate statistics? Describe each one and also specify which level of data each one is applicable to.

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Definitions:

Coase Theorem

A principle that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of rights.

Free-Rider Problem

A situation where some individuals consume more than their fair share of a public resource, or shoulder less of the cost of its production.

Public Good

A good that is both non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others.

Property Rights

Legal rights to own, use, and manage assets or property.