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ON THE RANGE OF CORRELATION COEFFICIENTS OF BIVARIATE ORDERED DISCRETE RANDOM VARIABLES

Published online by Cambridge University Press:  07 February 2001

Lung-fei Lee
Lung-fei Lee
Affiliation:
The Ohio State University
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Abstract

The range of correlation coefficient of any bivariate discrete random vector with finite or countably infinite values is derived. We show analytically that the normal-transformed discrete bivariate probability system of Van Ophem (1999, Econometric Theory 15, 228–237) has a flexible correlation coefficient. We establish the strictly monotonic relation of its correlation coefficient with the bivariate normal correlation-coefficient parameter in the system.

Type
Research Article
Information
Econometric Theory , Volume 17 , Issue 1 , February 2001 , pp. 247 - 256
Copyright
© 2001 Cambridge University Press

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