Michael Smithson

Quantitative Psychology, Social Psychology

Michael Smithson has

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Are there any examples of modeling random sums of a continuous random variable in psychology?
There is a large amount of literature in financial statistics on sums of a continuous random variable where the number of occurrences in the sum also is a random variable. A typical application in finance involves modeling the sum of financial losses per quarter in a bank. Both the size of the loss and the number of losses are random variables, so the cumulative distribution of the sum involves an infinite sum. Standard methods for approximating this distribution include recursion (e.g., Panjer 1981) and simulation (e.g., a Bayesian approach with simulation from the joint posterior distribution). I'm interested in applying this kind of model to certain psychological research problems, but I'm wondering whether anyone has come across such applications in psychology.


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