Intro to Econometrics
Ordinal data is a type of categorical data that represents categories with a meaningful order or ranking, but does not specify the exact differences between those categories. This means you can say one category is higher or lower than another, but you can’t quantify how much higher or lower. It’s often used in surveys or assessments where responses are based on a scale, like rating satisfaction from 'very dissatisfied' to 'very satisfied'.
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