Editing Ceteris paribus (section)

{{Short description|Latin phrase}}
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'''''{{lang|la|Ceteris paribus}}''''' (also spelled '''''{{lang|la|caeteris paribus}}''''') (Classical {{IPA|la|ˈkeːtɛ.riːs ˈpa.rɪ.bʊs}}) is a [[Latin]] phrase, meaning "other things equal"; some other English translations of the phrase are "'''all other things being equal'''", "'''other things held constant'''", "'''all else unchanged'''", and "'''all else being equal'''".<ref>{{cite web | title=ceteris paribus | website=Cambridge Dictionary | date=2024-06-05 | url=https://dictionary.cambridge.org/dictionary/english/ceteris-paribus | access-date=2024-04-26}}</ref> A statement about a [[ontic|causal]], [[epistemic|empirical]], [[Morality|moral]], or [[inductive logic|logical]] relation between two states of affairs is ''ceteris paribus'' if it is acknowledged that the statement, although usually accurate in expected conditions, can fail because of, or the relation can be abolished by, intervening factors.<ref name="Schlicht000">{{cite book | author=Schlicht, E. | title=Isolation and Aggregation in Economics | year=1985 | publisher=Springer Verlag | isbn=0-387-15254-7 | url=https://archive.org/details/isolationaggrega0000schl | url-access=registration }} chapter 2</ref>

A '''''ceteris paribus'' assumption''' is often key to scientific inquiry, because scientists seek to eliminate factors that perturb a relation of interest.<ref name=Schlicht1985 /> Thus [[epidemiologist]]s, for example, may seek to control [[independent variable]]s as factors that may influence [[dependent variables]]—the outcomes of interest.<ref>{{Cite web |last=Earle |first=Peter C. |title=What Economists Can Teach Epidemiologists {{!}} AIER |url=https://www.aier.org/article/what-economists-can-teach-epidemiologists/ |access-date=2023-12-12 |website=www.aier.org |language=en-US}}</ref>  Likewise, in [[scientific modeling]], simplifying assumptions permit illustration of concepts considered relevant to the inquiry. An example in economics is "If the price of milk falls, ceteris paribus, the quantity of milk demanded will rise." This means that, if other factors, such as deflation, pricing objectives, utility, and marketing methods, do not change, the decrease in the price of milk will lead to an increase in demand for it.<ref name=Investopedia>{{Cite web |title=What Does Ceteris Paribus Mean in Economics? |url=https://www.investopedia.com/terms/c/ceterisparibus.asp |access-date=2023-12-12 |website=Investopedia |language=en}}</ref>