i know it is a latin phrase that means that certain variables change and "all othe things remain unchanged" but what is the layman's definition? thanks for the help.
2007-01-03 11:37:47 · 4 answers · asked by shih rips 6 in Social Science ➔ Economics
"Holding all else constant"
For example, if I were to say what is the effect of a new gun control law in Massachusetts (I picked Massachusetts because they have tons of gun control laws) that makes it more difficult to buy bullets ceteris paribus? This means in my analysis I should assume that peoples behavior will not change, and there will now have more trouble buying bullets in Massachusetts. Hopefully this would decrease gun crime. In reality people may go to another state such as R.I because they may not have such a law and the two states are small and it is easy to travel between the two. Hope this helps!
2007-01-03 13:39:05 · answer #1 · answered by Sulli 2 · 1⤊ 0⤋
Just to add to the last answer, the reason for this is to keep the model simple. If you have too many varying variables you get into the problem of confounding variables when you can't be sure what change caused what.
This of course leads to the problem of making 'accurate' assumptions.....
Peace
2007-01-04 02:13:30 · answer #2 · answered by zingis 6 · 1⤊ 0⤋
C?ter?s paribus is a Latin word, actually translated as "with different issues a similar." it somewhat is in many situations rendered in English as "all different issues being equivalent." A prediction, or a fact approximately causal or logical connections between 2 states of affairs, is qualified through ceteris paribus as a fashion to renowned, and to rule out, the potential for different aspects that ought to override the relationship between the antecedent and the ensuing.[a million]
2016-11-26 01:35:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
all (other) things being equal
2007-01-03 11:48:31 · answer #4 · answered by Ryan 4 · 1⤊ 1⤋