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Hold A Mirror Up To Nature: A New Approach On Correlation Evaluation With Fuzzy Data And Its Applications In Econometrics

In: Quantitative Modelling In Marketing And Management

Author

Listed:
  • Chih Ching Yang

    (Department of Statistics, National Chengchi University, Taiwan)

  • Yu-Ting Cheng

    (Department of Statistics, National Chengchi University, Taiwan)

  • Berlin Wu

    (Department of Math Sciences, National Chengchi University, Taiwan)

  • Songsak Sriboonchitta

    (Faculty of Economics, Chiangmai University, Thailand)

Abstract

How to evaluate an appropriate correlation with fuzzy data is an important topic in the economics. Especially when the data illustrated is an uncertain, inconsistent and incomplete type. Traditionally, we use Pearson’s Correlation Coefficient to measure the correlation between data with real value. However, when the data are composed of fuzzy numbers, it is not feasible to use such a traditional approach to determine the fuzzy correlation coefficient. This study proposes the calculation of fuzzy correlation with fuzzy data: Interval, triangular and trapezoidal. Empirical studies are used to illustrate the application for evaluating fuzzy correlations. More related practical phenomena can be explained by this appropriate definition of fuzzy correlation.

Suggested Citation

  • Chih Ching Yang & Yu-Ting Cheng & Berlin Wu & Songsak Sriboonchitta, 2012. "Hold A Mirror Up To Nature: A New Approach On Correlation Evaluation With Fuzzy Data And Its Applications In Econometrics," World Scientific Book Chapters, in: Luiz Moutinho & Kun-Huang Huarng (ed.), Quantitative Modelling In Marketing And Management, chapter 10, pages 285-299, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814407724_0010
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