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Assessing the Number of Components in Mixture Models: a Review

Author

Listed:
  • Ana Oliveira-Brochado

    () (Faculdade de Economia, Universidade do Porto)

  • Francisco Vitorino Martins

    () (Faculdade de Economia, Universidade do Porto)

Abstract

Despite the widespread application of finite mixture models, the decision of how many classes are required to adequately represent the data is, according to many authors, an important, but unsolved issue. This work aims to review, describe and organize the available approaches designed to help the selection of the adequate number of mixture components (including Monte Carlo test procedures, information criteria and classification-based criteria); we also provide some published simulation results about their relative performance, with the purpose of identifying the scenarios where each criterion is more effective (adequate).

Suggested Citation

  • Ana Oliveira-Brochado & Francisco Vitorino Martins, 2005. "Assessing the Number of Components in Mixture Models: a Review," FEP Working Papers 194, Universidade do Porto, Faculdade de Economia do Porto.
  • Handle: RePEc:por:fepwps:194
    as

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    File URL: http://www.fep.up.pt/investigacao/workingpapers/05.11.03_WP194_brochadovitorino.pdf
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    References listed on IDEAS

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    1. Pedro Cosme Costa Vieira, 2004. "Statistical variability of top ranking economics journals impact," Applied Economics Letters, Taylor & Francis Journals, vol. 11(15), pages 945-948.
    2. Pedro Cosme da Costa Vieira, 2005. "A new economic journals’ ranking that takes into account the number of pages and co-authors," FEP Working Papers 189, Universidade do Porto, Faculdade de Economia do Porto.
    3. David Laband & John Sophocleus, 1985. "Revealed preference for economics journals: Citations as dollar votes," Public Choice, Springer, vol. 46(3), pages 317-324, January.
    4. Christopher Barrett & Aliakbar Olia & Dee Von Bailey, 2000. "Subdiscipline-specific journal rankings: whither Applied Economics?," Applied Economics, Taylor & Francis Journals, vol. 32(2), pages 239-252.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. ANVUR e CUN: l’amore ai tempi della mediana?
      by Giuseppe De Nicolao in ROARS - Return on Academic Research on 2012-06-28 13:48:46

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    Cited by:

    1. Ana Oliveira-Brochado & F. Vitorino Martins, 2006. "Examining the segment retention problem for the “Group Satellite” case," FEP Working Papers 220, Universidade do Porto, Faculdade de Economia do Porto.

    More about this item

    Keywords

    Finite mixture; number of mixture components; information criteria; simulation studies.;

    JEL classification:

    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection

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