Pat, (01)
I think the view you describe might work in some cases. (02)
However, if the ontology is to be used for industrial purposes in my
experience something a little stronger is required. (03)
As far as I can tell, the kind of economic value that currencies have are
intentionally constructed, so not quite the same type of measurement method.
(JohnS's point is his emails to me.)
The rates shown by banks are either notional contracts, based upon some
algorithm, or actual offers. (04)
This differentiates them from the physical measures we have discussed until
now. (05)
However, I think you are right in thinking that a good ontology of physical
measures is a good start on one for currencies, equities, bonds,
commodities, etc. (06)
Regards,
Chris Partridge
Chief Ontologist (07)
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> -----Original Message-----
> From: uom-ontology-std-bounces@xxxxxxxxxxxxxxxx [mailto:uom-ontology-std-
> bounces@xxxxxxxxxxxxxxxx] On Behalf Of Patrick Cassidy
> Sent: 10 August 2009 21:28
> To: 'uom-ontology-std'
> Subject: Re: [uom-ontology-std] retitled - hardness etc.
>
> It is an exaggeration to say that modeling a currency unit requires
> elaborate modeling of everything related. There are multiple currency
> units, and between them there are exchange rates (which change daily), and
> any number x times the base unit is indeed x multiples of the base unit,
and
> the way one 'measures' or 'standardizes' the base unit is as its value on
> any given day versus some one or more other freely exchangeable currency
> units, and one may also use the price of gold (on an open market without
> restrictions) as a measure of value. The 'measurement' method is a
currency
> market, and for the same reason were are not going to represent measuring
> devices, we do not need to represent the details of a 'currency market',
> though a bare placeholder type may be useful. The only other ancillary
> concept we may want is an 'issuing authority', which will be a 'national
> government', which can also be a undefined placeholder. If we are going
to
> represent the 'authority' that defines the base unit of physical measures,
> then defining the authority that issues a currency will be close enough to
> represent no problems.
>
> If the majority prefer to exclude currencies from the UoM ontology, I have
> no objections, but I don't foresee major problems including currency.
>
> Pat
>
> Patrick Cassidy
> MICRA, Inc.
> 908-561-3416
> cell: 908-565-4053
> cassidy@xxxxxxxxx
>
>
> > -----Original Message-----
> > From: uom-ontology-std-bounces@xxxxxxxxxxxxxxxx [mailto:uom-ontology-
> > std-bounces@xxxxxxxxxxxxxxxx] On Behalf Of Martin S. Weber
> > Sent: Monday, August 10, 2009 11:47 AM
> > To: uom-ontology-std
> > Subject: Re: [uom-ontology-std] retitled - hardness etc.
> >
> > Pat Hayes wrote:
> > > Well, let us just push on that for a moment. Economists and the
> > entire
> > > financial industry do seem to assume that there is something
> > > underlying all fungible forms of exchange (that is, dollars and euros
> > > but not 6 inch wire nails), something that they all measure and
> > allows
> > > them to be compared; and the notions of unit and scale seem to apply
> > > here quite well also.
> > For the record, in UnitsML we've decided to not mess with Currency. If
> > you
> > want to try, sure, but be sure to model supply, demand, chaos, panic,
> > war etc.
> > in the ontology as all of this will have an influence in your "what is
> > valid",
> > "what belongs to which quantity", "are these interchangable" etc. etc.
> > questions. The majority of units and quantities nowadays have the
> > beautiful
> > property to be static, while the majority of currencies nowadays have
> > the
> > beautiful property of being wildly dynamic. If you seriously want to go
> > ahead
> > and try and include currencies, my personal ETA-guess for an uom-
> > ontology just
> > went over to 2011+. Enjoy.
> >
> > -Martin
> >
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>
>
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