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Bayesian Item Response Analysis of Method-of-Payment Habits in Banking Surveys

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Document pages: 10 pages

Abstract: Customers have a wide variety of choices in selecting a method of payment inmodern society due to advancements in technology. In this paper, we investigatethe method of payment habits of banking customers using item responsemodels. We consider three binary item response models used in theliterature within the Bayesian framework. These models capture the heterogeneityand complexity of customer perception on methods of payment indifferent capacities, with different features. For this reason, model assessmentmethods need to be developed for better inferential purposes. We introducean assessment criterion based on predictive simulations and illustrate the approachusing graphical summary measures. The approach is further highlightedusing survey data based on consumer payment choices that wasconducted for the Federal Reserve Bank of Boston.

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