This paper is concerned with the process of selecting between the increasingly popular bi-factor model and the second-order factor model in measurement research. It is indicated that in certain settings widely used in empirical studies, the second-order model is nested in the bi-factor model and obtained from the latter after imposing appropriate…

This software review discusses the capabilities of Stata to conduct item response theory modeling. The commands needed for fitting the popular one-, two-, and three-parameter logistic models are initially discussed. The procedure for testing the discrimination parameter equality in the one-parameter model is then outlined. The commands for fitting…

The default risk, one of the main risk factors for bonds, should be measured and reflected in the bond yield. Particularly, in the case of financial companies that treat bonds as a major product, failure to properly identify and filter customers' workout status adversely affects returns. This study proposes a two-stage classification algorithm for…

We have maintained the customer grade system that is being implemented to customers with excellent performance through customer segmentation for years. Currently, financial institutions that operate the customer grade system provide similar services based on the score calculation criteria, but the score calculation criteria vary from the financial…

The four-parameter logistic (4PL) Item Response Theory (IRT) model has recently been reconsidered in the literature due to the advances in the statistical modeling software and the recent developments in the estimation of the 4PL IRT model parameters. The current simulation study evaluated the performance of expectation-maximization (EM),…

We review the GIDNA and CDM packages in R for fitting cognitive diagnosis/diagnostic classification models. We first provide a summary of their core capabilities and then use both simulated and real data to compare their functionalities in practice. We found that the most relevant routines in the two packages appear to be more similar than…

The "extended Rasch modeling" (eRm) package in R provides users with a comprehensive set of tools for Rasch modeling for scale evaluation and general modeling. We provide a brief introduction to Rasch modeling followed by a review of literature that utilizes the eRm package. Then, the key features of the eRm package for scale evaluation…

Advanced modeling of item response data through the item response theory (IRT) or item factor analysis frameworks is becoming increasingly popular. In the social and behavioral sciences, the underlying structure of tests/assessments is often multidimensional (i.e., more than 1 latent variable/construct is represented in the items). This review…

Interest in Bayesian analysis of item response theory (IRT) models has grown tremendously due to the appeal of the paradigm among psychometricians, advantages of these methods when analyzing complex models, and availability of general-purpose software. Possible models include models which reflect multidimensionality due to designed test structure,…