By |Published On: May 3rd, 2013|Categories: Research Insights, Behavioral Finance|

Unsuccessful differential diagnosis from the Rorschach

  • Armitage, S. G., & Pearl, D.
  • Journal of Consulting Psychology, 21. 479-484
  • A version of the paper can be found here.
  • Want a summary of academic papers with alpha? Check out our free Academic Alpha Database!

Abstract:

The consistency with which individual or group diagnostic categorization can be predicted from the Rorschach was investigated in two ways; one was an objective statistical approach and the other a subjective judgmental approach. In the first, an attempt was made to relate statistically either single or patterned Rorschach determinants to previously made diagnostic judgments. The results failed to uncover any useful means of arriving at a diagnosis. The judgmental approach was found to be equally unsuccessful in achieving consistent diagnostic predictions.

Prediction:

Can Rorschach be an effective diagnostic tool?

rors

Alpha Highlight:

I’m not a psychologist, but my read on the paper is that protocol = judgement, psychogram = mechanical, and combined = both tools combined. Looks like for neurotic diagnosis the model wins, for paranoid schizophrenia humans win. Overall, there it seems like a bunch of noise and no machine or human can figure it out.

man

Strategy Summary:

Sounds like the Rorschach test is bunk…of course, this study was done in 1957.

Thoughts on the paper?

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About the Author: Wesley Gray, PhD

Wesley Gray, PhD
After serving as a Captain in the United States Marine Corps, Dr. Gray earned an MBA and a PhD in finance from the University of Chicago where he studied under Nobel Prize Winner Eugene Fama. Next, Wes took an academic job in his wife’s hometown of Philadelphia and worked as a finance professor at Drexel University. Dr. Gray’s interest in bridging the research gap between academia and industry led him to found Alpha Architect, an asset management firm dedicated to an impact mission of empowering investors through education. He is a contributor to multiple industry publications and regularly speaks to professional investor groups across the country. Wes has published multiple academic papers and four books, including Embedded (Naval Institute Press, 2009), Quantitative Value (Wiley, 2012), DIY Financial Advisor (Wiley, 2015), and Quantitative Momentum (Wiley, 2016). Dr. Gray currently resides in Palmas Del Mar Puerto Rico with his wife and three children. He recently finished the Leadville 100 ultramarathon race and promises to make better life decisions in the future.

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