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Mean, mode, and median are all averages. They have meanings. They don't have "measurement errors," but the people using them may have "usage errors." https://w
by drewcoo 4y ago
Mean, mode, and median are all averages. They have meanings. They don't have "measurement errors," but the people using them may have "usage errors."
https://www.dummies.com/article/academics-the-arts/math/pre-algebra/the-three-types-of-average-median-mode-and-mean-168773/ https://www.dummies.com/article/academics-the-arts/math/pre-...
Distributions give us richer data. But even distribution of incomes (in the article) or spending (GDP) aren't terribly rich. They don't answer why. So we can add dimensions to what we measure or fall back to just so stories. And that's why most people don't trust economists - oversimplified models and just so stories.
- rightbyte 4y ago> They don't have "measurement errors" Sure. I am not arguing that a median is not a median. By measurement error I really meant noise and disturbance, as defined in control theory. E.g. it is perfectly possible to have a value "average tax in county" with zero noise as in perfect value to the cent, but year to year variance due to disturbances.