Answers are grounded in this paper and cite their sources.
Distortion in the Pearson product moment correlation due to a restricted number of scale points is evaluated in two ways. First, a simulation of the bivariate normal distribution is used to estimate the effects of varying the number of scale points on the product moment correlation. This procedure demonstrates a substantial amount of information loss. Second, other correlation coefficients and some methods to correct for this loss are discussed and related to the simulation data.
No takes yet. Share an insight, caveat, or question.
Warren S. Martin (1978) studied this question.
Synapse has enriched 10 related papers. Consider them for comparative context: