In the psychophysical laboratory, differences in moduli are usually considered to
be entirely arbitrary, a mere source of statistical noise. Except for very unusual
circumstances e.g., deafness., there is little reason to believe that an individual
who consistently assigns low numbers to the loudness of tones actually experiences
less loudness than an individual who assigns higher numbers. Are the moduli that
CV respondents and jurors apply in assigning dollar responses also arbitrary? A
positive answer to this question would remove the rationale for any procedure in
which the absolute values that people state are taken seriously, including contingent
valuation and the setting of monetary punishments by juries.