I know they have different meanings, as I can find both in some texts, where they are not considered as synonyms. I give an example, but my question is not limited to this example.

We then contrast the predictions of this price image model with the predictions of reference price models in four domains: price evaluation, price estimation, choice, and inference making... Source

My question is:

What is the difference between "estimate/estimation" and "evaluating/evaluation".

What is the difference when I talk about prices?

  • An evaluation is made of what is known, for example today's share prices. An estimation is made for something that is not yet known, for example tomorrow's share prices. – Weather Vane Nov 15 '19 at 17:26
  • Thank you. Could you turn it into an answer please? – Quidam Nov 15 '19 at 17:27
  • The question has been flagged by some commenters as off-topic because of lack of research presented. For an answer to be sustainable, I'll have to do that research and present reliable sources to back it up. – Weather Vane Nov 15 '19 at 17:29
  • You didn't include a link to your source (I've added it). It doesn't seem to be explicitly stated there, but they seem to distinguish price evaluation from price estimation on the grounds that the former refers to how consumers differentiate between different sources and types of information about prices (giving more "weight" to some than to others, for example). Whereas the latter is simply about how accurately people can "guess" the price of something if they don't actually "know" it. – FumbleFingers Nov 15 '19 at 17:31
  • It’s not English, it’s academic bullshit. Ignore it. – David Nov 15 '19 at 23:08

As nouns the difference between estimation and evaluation is that estimation is the process of making an estimate while evaluation is an assessment, such as an annual personnel performance review used as the basis for a salary increase or bonus, or a summary of a particular situation.

source: evaluation vs estimation

  • 1
    This would be improved if you stated more directly the difference between a "price evaluation" and a "price estimation". – KillingTime Nov 15 '19 at 17:59
  • There are certainly contexts in which there is a clear distinction between 'price evaluation' and 'price estimation'. Consider: 'how much do you think that house will sell for?' - price estimation - versus ' I would not buy it at that price' - price evaluation. But - a very big but - if what you wanted to communicate turned on that distinction then you should emphasise the point. The very fact that we are debating it on this site shows that the distinction is not obvious to all. – JeremyC Nov 15 '19 at 22:19
  • I saw this like you explained, Jeremy, but I'm not a native. Could etymology explain a difference? – Quidam Nov 15 '19 at 23:47
  • Estimation looks at the more immediate factors. I think evaluation looks at a broader context. – John Canon Nov 16 '19 at 3:39

Here is an illustrative example. Let's say that I were selling you an orange

  1. Based on your past orange purchases, you would estimate the price of this orange
  2. If I were to tell you the price of my orange, you would evaluate if my price is reasonable.
  • I understood that this ways (but I'm not a native), do you have some references? – Quidam Nov 16 '19 at 9:58
  • Sorry, I don't have a formal reference. Estimate is more common in engineering/operations related situations. Consider "I expect to be there by 7" vs "My estimated time of arrival is 7". Same context; the latter is more prevalent with engineers. – instinct71 Nov 16 '19 at 17:47

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