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Economic efficiency demands accurate assessment of individual ability for selection purposes. This study investigates Classical Test Theory (CTT) and Item Response Theory (IRT) for estimating true ability and ranking individuals. Two Monte Carlo simulations and real data analyses were conducted. Results suggest a slight advantage for IRT, but ability estimates from both methods were highly correlated (r=0.95), indicating similar outcomes. The Logistic two-parameter IRT model emerged as the most reliable and rigorous approach.
Iqbal et al. (Wed,) studied this question.
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