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Articles 1 - 17 of 17
Full-Text Articles in Social and Behavioral Sciences
An Alternative To Cronbach's Alpha: An L-Moment-Based Measure Of Internal-Consistency Reliablilty, Todd C. Headrick, Yanyan Sheng
An Alternative To Cronbach's Alpha: An L-Moment-Based Measure Of Internal-Consistency Reliablilty, Todd C. Headrick, Yanyan Sheng
Todd Christopher Headrick
Data sets in the social and behavioral sciences are often small or heavy-tailed. Previous studies have demonstrated that small samples or leptokurtic distributions adversely affect the performance of Cronbach’s coefficient alpha. To address these concerns, we propose an alternative estimator of reliability based on L-comoments. The empirical results of this study demonstrate that when sample sizes are small and distributions are heavy-tailed that the proposed coefficient L-alpha has substantial advantages over the conventional Cronbach estimator of reliability in terms of relative bias and relative standard error.
The Smallest Upper Bound For The Pth Absolute Central Moment Of A Class Of Random Variables, Martin Egozcue, Luis Fuentes García, Wing Keung Wong, Ricardas Zitikis
The Smallest Upper Bound For The Pth Absolute Central Moment Of A Class Of Random Variables, Martin Egozcue, Luis Fuentes García, Wing Keung Wong, Ricardas Zitikis
Martin Egozcue
We establish the smallest upper bound for the p absolute central moment over the class of all random variables with values in a compact interval. Numerical values of the bound are calculated for the first ten integer values of p, and its asymptotic behaviour derived when p tends to infinity. In addition, we establish an analogous bound in the case of all symmetric random variables with values in a compact interval. Such results play a role in a number of areas including actuarial science, economics, finance, operations research, and reliability.
An Optimal Strategy For Maximizing The Expected Real- Estate Selling Price: Accept Or Reject An Offer?, Martin Egozcue, Luis Fuentes García, Ricardas Zitikis
An Optimal Strategy For Maximizing The Expected Real- Estate Selling Price: Accept Or Reject An Offer?, Martin Egozcue, Luis Fuentes García, Ricardas Zitikis
Martin Egozcue
Motivated by a real-life situation, we put forward a model and then derive an optimal strategy that maximizes the expected real-estate selling price when one of the only two remaining buyers has already made an offer but the other one is yet to make. Since the seller is not sure whether the other buyer would make a lower or higher offer, and given no recall, the seller needs a strategy to decide whether to accept or reject the first-come offer. The herein derived optimal seller's strategy, which maximizes the expected selling price, is illustrated under several scenarios, such as independent …
Convex Combinations Of Quadrant Dependent Copulas, Martin Egozcue, Luis Fuentes García, Wing Wong, Ricardas Zitikis
Convex Combinations Of Quadrant Dependent Copulas, Martin Egozcue, Luis Fuentes García, Wing Wong, Ricardas Zitikis
Martin Egozcue
It is well known that quadrant dependent (QD) random variables are also quadrant dependent in expectation (QDE). Recent literature has offered examples rigorously establishing the fact that there are QDE random variables which are not QD. The examples are based on convex combinations of specially chosen QD copulas: one negatively QD and another positively QD. In this paper we establish general results that determine when convex combinations of arbitrary QD copulas give rise to negatively or positively QD/QDE copulas. In addition to being an interesting mathematical exercise, the established results are helpful when modeling insurance and financial portfolios.
Integration–Segregation Decisions Under General Value Functions: ‘Create Your Own Bundle—Choose 1, 2 Or All 3!’, Martin Egozcue, Sebastien Massoni, Wing Wong, Ricardas Zitkiks
Integration–Segregation Decisions Under General Value Functions: ‘Create Your Own Bundle—Choose 1, 2 Or All 3!’, Martin Egozcue, Sebastien Massoni, Wing Wong, Ricardas Zitkiks
Martin Egozcue
Whether to keep products segregated (e.g., unbundled) or integrate some or all of them (e.g., bundle) has been a problem of profound interest in areas such as portfolio theory in finance, risk capital allocations in insurance and marketing of consumer products. Such decisions are inherently complex and depend on factors such as the underlying product values and consumer preferences, the latter being frequently described using value functions, also known as utility functions in economics. In this paper, we develop decision rules for multiple products, which we generally call ‘exposure units’ to naturally cover manifold scenarios spanning well beyond ‘products’. Our …
Gains From Diversification: A Regret Theory Approach, Martin Egozcue
Gains From Diversification: A Regret Theory Approach, Martin Egozcue
Martin Egozcue
No abstract provided.
Daily Stock Market Movement From Oscillating Social Mood Factors, Cari Bourette
Daily Stock Market Movement From Oscillating Social Mood Factors, Cari Bourette
Cari Bourette
Since 2006, there has been ongoing research into the correlation of a set of oscillating mood factors and socioeconomic, geopolitical, and natural events with the goal of forecasting increased risks of destabilizing events. While promising results have been forthcoming, it has been difficult to present models that allowed those outside a small circle of specialists to participate. Between July 2007 and June 2010, weekly social mood projections, as published in monthly issues of MoodCompass, were used to develop a model to convert four oscillating mood factors into stock market expectations. This model was modified to generate signals of projected stock …
Do Investors Like To Diversify? A Study Of Markowitz Preferences, Martin Egozcue, Luis Fuentes García, Wing Keung Wong, Ricardas Zitikis
Do Investors Like To Diversify? A Study Of Markowitz Preferences, Martin Egozcue, Luis Fuentes García, Wing Keung Wong, Ricardas Zitikis
Martin Egozcue
No abstract provided.
Gruss-Type Bounds For Covariances And The Notion Of Quadrant Dependence In Expectation, Martin Egozcue, Luis Fuentes García, Ricardas Zitikis, Wing Keung Wong
Gruss-Type Bounds For Covariances And The Notion Of Quadrant Dependence In Expectation, Martin Egozcue, Luis Fuentes García, Ricardas Zitikis, Wing Keung Wong
Martin Egozcue
No abstract provided.
Integrated Analysis Of Content And Construct Validity, Byron J. Gajewski, Larry R. Price, Valorie Coffland, Diane K. Boyle, Marjorie J. Bott
Integrated Analysis Of Content And Construct Validity, Byron J. Gajewski, Larry R. Price, Valorie Coffland, Diane K. Boyle, Marjorie J. Bott
Byron J Gajewski
Establishing adequacy of psychometric properties of an instrument involves acquisition and evaluation of evidence based on item content and internal structure. Content validity evidence consists of subject matter experts providing quantitative ratings of the extent to which items are a representative sample of targeted domain. Evidence of internal structure includes factor analytic studies and examination of item interrelationships based on item responses from participants. Although subject matter expert ratings and participant response data are traditionally analyzed separately, each serves to inform the other in important ways. We propose integrating subject matter experts’ and participants’ data seamlessly to establish a unified …
The Covariance Sign Of Transformed Random Variables With Applications To Economics And Finance, Martin Egozcue
The Covariance Sign Of Transformed Random Variables With Applications To Economics And Finance, Martin Egozcue
Martin Egozcue
No abstract provided.
Prospect Theory, Indifference Curves, And Hedging Risks, Udo Broll, Martin Egozcue, Wing Keung Wong, Ricardas Zitikis
Prospect Theory, Indifference Curves, And Hedging Risks, Udo Broll, Martin Egozcue, Wing Keung Wong, Ricardas Zitikis
Martin Egozcue
The prospect theory is one of the most popular decision-making theories. It is based on S-shaped utility functions, unlike the von Neumann and Morgenstern (NM) theory, which is based on concave utility functions. The S-shaped functions bring challenges, and extensions and generalizations of the NM theory into the prospect theory are not always possible. For example, in the prospect theory, the monotonicity of indifference curves depends on the underlying mean, unlike in the NM theory. Risk-hedging deci- sions also become more complex within the prospect theory. In this paper, we discuss these topics and establish general results concerning certain covariances …
Segregation And Integration: A Study Of The Behaviors Of Investors With Extended Value Functions, Martin Egozcue, Wing Keung Wong
Segregation And Integration: A Study Of The Behaviors Of Investors With Extended Value Functions, Martin Egozcue, Wing Keung Wong
Martin Egozcue
This paper extends prospect theory, mental accounting, and the hedonic editing model by developing an analytical theory to explain the behavior of investors with extended value functions in segregating or integrating multiple outcomes when evaluating mental accounting.
Gruss Type Bounds For The Covariance Of Transformed Random Variables, Martin Egozcue, Luis Fuentes García, Wing Keung Wong, Ricardas Zitikis
Gruss Type Bounds For The Covariance Of Transformed Random Variables, Martin Egozcue, Luis Fuentes García, Wing Keung Wong, Ricardas Zitikis
Martin Egozcue
No abstract provided.
Gains From Diversification On Convex Combinations: A Majorization And Stochastic Dominance Approach, Martin Egozcue, Wing Keung Wong
Gains From Diversification On Convex Combinations: A Majorization And Stochastic Dominance Approach, Martin Egozcue, Wing Keung Wong
Martin Egozcue
By incorporating both majorization theory and stochastic dominance theory, this paper presents a gen- eral theory and a unifying framework for determining the diversification preferences of risk-averse inves- tors and conditions under which they would unanimously judge a particular asset to be superior. In particular, we develop a theory for comparing the preferences of different convex combinations of assets that characterize a portfolio to give higher expected utility by second-order stochastic dominance. Our findings also provide an additional methodology for determining the second-order stochastic dominance efficient set.
On Some Covariance Inequalities For Monotonic And Non-Monotonic Functions, Martin Egozcue, Luis Fuentes García, Wing Keung Wong
On Some Covariance Inequalities For Monotonic And Non-Monotonic Functions, Martin Egozcue, Luis Fuentes García, Wing Keung Wong
Martin Egozcue
No abstract provided.
Special Review: Evaluation Of The Exploratory Factor Analysis Programs Provided In Spssx And Spss/Pc+, Gregory J. Boyle
Special Review: Evaluation Of The Exploratory Factor Analysis Programs Provided In Spssx And Spss/Pc+, Gregory J. Boyle
Gregory J. Boyle
Given the frequent use of SPSSX and SPSS/PC+ exploratory factor analysis in analyzing multivariate psychometric data, it is germane to examine the limitations of the Factor program as it currently exists. Over recent years, the routines in these packages generally have been developed and expanded considerably. In particular, the exploratory factor analysis procedures have been greatly extended and enhanced with inclusion of additional estimation methods such as minimum likelihood, unweighted least squares, generalized least squares, and so on. Like wise, availability of a Scree plot of the latent roots against factor number has facilitated determination of the appropriate factor-extraction number. …