The measurement of ranks and the laws of iterated contraction

Ranking theory delivers an account of iterated contraction; each ranking function induces a specific iterated contraction behavior. The paper shows how to reconstruct a ranking function from its iterated contraction behavior uniquely up to multiplicative constant and thus how to measure ranks on a ratio scale. Thereby, it also shows how to completely axiomatize that behavior. The complete set of laws of iterated contraction it specifies amend the laws hitherto discussed in the literature.