Indeterminacy in price–value correlation measures |
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Authors: | Emilio Díaz Rubén Osuna |
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Institution: | (1) Department of Applied Economics, University of Seville, Avenida Ramón y Cajal 1, Seville, 41017, Spain;(2) Department of Economic Analysis, UNED, Paseo Senda del Rey 11, Madrid, 28040, Spain |
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Abstract: | During the last 20 years, an important body of literature on the so-called ‘Ricardo’s 93% theory of value’ – the classical
hypothesis which asserts that direct prices are very good predictors of both production prices and market prices – has shown
that the hypothesized strong correlation in fact holds in the context of cross-sectional data. However, these empirical results
are extremely dubious due to severe problems that cause indeterminacy and arbitrariness in the measures of correlation usually
employed.
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Keywords: | Value Price Indeterminacy Spurious correlation |
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