This dissertation contains three essays. The first essay presents a new likelihood based approach for quantification of qualitative survey data on expectations and perceptions. A likelihood ratio test for model consistent expectations is proposed. Evidence from the Monte Carlo simulation studies...

In this paper, we develop a likelihood approach for quantification of qualitative survey data on expectations and perceptions and we propose a new test for expectation consistency (unbiasedness). Our quantification scheme differs from existing methods primarily by using prior information...