Research Methods & Evidence-Based Practice Flashcards

In applying evidence-based practice, the hierarchy of evidence places which study type at the highest level?

Answer: Systematic review or meta-analysis of well-designed RCTs

Systematic reviews and meta-analyses synthesize multiple high-quality studies and sit at the top of the evidence hierarchy due to their comprehensive scope and statistical power.

An RMA candidate evaluates a regression analysis where R² = 0.85 explaining retirement portfolio outcomes. This means:

Answer: 85% of the variance in the outcome variable is explained by the model's predictors

R² (coefficient of determination) measures the proportion of variance in the dependent variable that is explained by the independent variables in the regression model.

When an evidence-based retirement plan recommends delaying Social Security claiming, the primary research basis supporting this recommendation is:

Answer: Each year of delay past full retirement age increases benefits by approximately 8%, providing longevity insurance

Delaying Social Security past full retirement age earns delayed retirement credits of approximately 8% per year up to age 70, functioning as longevity insurance.

In retirement research, 'publication bias' refers to the tendency for:

Answer: Studies with statistically significant or positive results to be more likely published than null or negative results

Publication bias skews the literature toward significant findings because non-significant results are less likely to be submitted or accepted for publication.

A prospective study following a cohort of retirees over 20 years to observe portfolio depletion rates is best described as a:

Answer: Longitudinal cohort study

A longitudinal cohort study follows a defined group forward in time, observing outcomes as they naturally develop, making it appropriate for studying retirement wealth trajectories.

The concept of 'replication crisis' in financial research is most relevant to RMA advisers because it suggests:

Answer: Many published findings may not hold up when independently reproduced, requiring caution before adopting research-based strategies

The replication crisis highlights that many published financial and behavioral findings fail when independently tested, underscoring the need for replication before applying research to practice.

When reviewing a study on behavioral finance and retirement savings behavior, an RMA adviser should be aware that 'ecological validity' refers to:

Answer: The degree to which the study's laboratory conditions mirror real-world retirement decision-making environments

Ecological validity assesses whether study conditions (e.g., controlled lab experiments) reflect the realistic complexity of actual retirement decision-making contexts.