A new method for assessing judgmental distributions

J.J.A. Moors, M.H. Schuld, A.C.A. Mathijssen

Research output: Book/ReportReport

Abstract

For a number of statistical applications subjective estimates of some distributional parameters - or even complete densities are needed. The literature agrees that it is wise behaviour to ask only for some quantiles of the distribution; from these, the desired quantities are extracted. Quite a lot of methods have been suggested up to now; the number of quantiles they need varies from three to nine or more. Still another method is proposed here. Individuals are asked the relatively simple task of presenting the seven values that divide the total probability mass into eight equal parts. From these so-called octiles four estimates for location, dispersion, skewness and `peakedness' are derived. Moreover, these four values uniquely determine one distribution within either the Pearson or the Johnson system. Consequently, there is no need for `optimal' approximating formulae.
Original languageEnglish
PublisherUnknown Publisher
Number of pages13
VolumeFEW 708
Publication statusPublished - 1995

Publication series

NameResearch memorandum / Tilburg University, Faculty of Economics and Business Administration
VolumeFEW 708

Keywords

  • Estimation
  • Bayesian Statistics
  • Statistical Distribution
  • statistics

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