Median

Definition and stakes

Portrait of Irving Fisher Irving Fisher,  The Purchasing Power of Money…

“ It also has the advantage of easily exhibiting (by means of the "quartiles") the tendency to dispersion of prices (from each year as a base to the next) on either side of the median. The median should be weighted in round numbers analogously to the weighting already discussed for the more theoretically perfect index numbers.*52 The median of a series of numbers is a number such that there are as many numbers above as below it in the series. If the number of terms in the series is odd, the median is the middle term of the series of numbers arranged in the order of magnitude. ”
Source: Wikisource

Portrait of Naomi Norsworthy Naomi Norsworthy,  How to Teach

“ If the unit of the scale is some measure of the variability of a defined group, as it is in the majority of our present educational scales, this median point may well be calculated to the nearest tenth of a unit, or, if there are two hundred or more individual measurements in the distribution, it may be found interesting to calculate the median point to the nearest hundredth of a scale unit. Very seldom will anything be gained by carrying the calculation beyond the second decimal place. ”
Source: Gutenberg

1911 Encyclopædia Britannica (1911)

“ By simple induction we know that the median of a large sample of observations is a probable value for the true median; how probable is determined as follows from a selection of our data. First suppose that all the observations are of the same weight. If x′ were the true median, the probability that as many as 1⁄2n + r of the observations should fall on either side of that point is given by the normal law for which the exponent is -2r2/n. ”
Source: Wikisource

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