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Response to "A note on the standardized covariance"

Andraszewicz, Sandra and Rieskamp, Jörg. (2017) Response to "A note on the standardized covariance". Journal of Mathematical Psychology, 77. pp. 185-186.

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Official URL: http://edoc.unibas.ch/59024/

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Abstract

In a recent paper, Andraszewicz and Rieskamp (2014) proposed the standardized covariance as a measure of association, similarity and co-riskiness. Budescu and Bo (2017) wrote a comment on the proposed measure, in which they interpret the standardized covariance as a measure of additive association, or a "measure of disparity between the ranges of outcomes offered by two lotteries" (Budescu and Bo, 2017). In the reply to this comment, we point out that the statistical interpretation of the standardized covariance provided by Budescu and Bo (2017) is strongly linked with its cognitive interpretation. Also, in this comment, we give a cognitive interpretation to the Budescu and Bo's (2017) analytical findings of the similarity measure for statistically independent gambles proposed by Andraszewicz and Rieskamp (2014). (C) 2016 Elsevier Inc. All rights reserved.
Faculties and Departments:07 Faculty of Psychology
07 Faculty of Psychology > Departement Psychologie
07 Faculty of Psychology > Departement Psychologie > Forschungsbereich Sozial-, Wirtschafts- und Entscheidungspsychologie > Economic Psychology (Rieskamp)
UniBasel Contributors:Rieskamp, Jörg and Andraszewicz, Sandra
Item Type:Article, refereed
Article Subtype:Research Article
Publisher:Elsevier
ISSN:0022-2496
e-ISSN:1096-0880
Note:Publication type according to Uni Basel Research Database: Journal article
Identification Number:
Last Modified:03 Jul 2018 12:16
Deposited On:28 Jun 2018 15:06

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