Let's say I grab the bonuses from the Atronach and Apprentice stones at the same time. Both these stones affect magicka regen (Atronach -50%, Apprentice +100%). If the stacking is multiplicative, then this is a lackluster idea - the Apprentice doubles my magicka, then the Atronach halves it, giving me no net gain or loss. This option seems lackluster.
However, if the bonuses/penalties are additive and not multiplicative, that ends in a 50% net bonus to magicka regen on top of everything else, and THAT is a thing I would definitely want to try out.
Unfortunately, I can't figure out how to tell whether this works or not, because the Active Effects list doesn't show totals. Can anyone shed light on this?