Question 1 (40 marks)
In this exercise, your group will explore the happiness module in the World Values Survey Wave 7. The dataset is provided in RSS503_data_happiness.csv, and contains responses to Q46 to Q56 of the survey. The survey is a cross-country survey for the years 2018 to 2021. Details on the questions and the response options can be found in the codebook GBA_codebook.pdf. The countries' meta data can be found in GBA_meta.csv.
Analyse the dataset using principal component and factor analysis and write a report of no more than 1,500 words on what you have learned. For your report, first conduct an exploratory data analysis, i.e., check the data and the survey responses, do data wrangling if necessary, and interpret the summary statistics, construct data visualisations, etc.
After that, apply principal component analysis on the survey responses. Select an appropriate approach to determine the number of principal components and justify your answer. Compute the correlations between the selected principal components and the survey responses. Do your best to interpret what the principal components are.
Next, apply the principal component analysis factor extraction method to construct a factor model. Employ varimax rotation and compute the factor loadings for the survey responses. Finally, employ a method of your choice to evaluate the factor scores. Use the appropriate presentation to discuss these scores.
Do note that the dataset has both time and cross-sectional variations. You may exploit such information, along with the countries' meta data, to explore relevant questions for your study. Your report will be assessed based on:
1. The application and interpretation of principal component analysis and factor analysis (25 marks)
The application of PCA and FA should be carefully discussed. Justifications, where relevant, should be clearly explained.
2. The quality of the report (15 marks)
The writing is clear, free of errors, and have a good flow and logical structure. The report should be well-organised and easy to follow. Novel and appropriate questions should be formulated and the report should offer deeper data insights toward solving those questions.
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