RAA Research Methods & Evidence-Based Practice 3 — Questions and Answers
Question 1: Which research bias occurs when participants behave differently because they know they are being observed in an annuity study?
- Hawthorne effect (Correct answer)
- Confirmation bias
- Survivorship bias
- Selection bias
Correct answer: Hawthorne effect
The Hawthorne effect describes the tendency for participants to change behavior simply because they are being observed or studied.
Question 2: A study analyzing only annuity products that are still available on the market, ignoring discontinued ones, is susceptible to:
- Survivorship bias (Correct answer)
- Hawthorne effect
- Placebo effect
- Recall bias
Correct answer: Survivorship bias
Survivorship bias occurs when only 'surviving' entities are analyzed, skewing results by excluding failed products.
Question 3: In an annuity research study, 'statistical significance' (p < 0.05) means:
- There is less than a 5% probability the result occurred by chance (Correct answer)
- The result is clinically or practically important
- The sample size was adequate
- The finding will replicate in all populations
Correct answer: There is less than a 5% probability the result occurred by chance
A p-value below 0.05 indicates less than a 5% likelihood that the observed result is due to random chance alone.
Question 4: Which qualitative research method is best suited for deeply exploring client motivations for purchasing annuities?
- In-depth interviews (Correct answer)
- National census data analysis
- Randomized controlled trial
- Monte Carlo simulation
Correct answer: In-depth interviews
In-depth interviews allow researchers to explore subjective motivations, perceptions, and experiences in a flexible, open-ended manner.
Question 5: When a financial research article reports a '95% confidence interval,' this means:
- If the study were repeated 100 times, 95 intervals would contain the true population value (Correct answer)
- Researchers are 95% confident the study has no errors
- 95% of participants responded to the survey
- There is a 95% chance the product will perform as shown
Correct answer: If the study were repeated 100 times, 95 intervals would contain the true population value
A 95% confidence interval means that if you repeated the study many times, 95% of computed intervals would capture the true parameter.
Question 6: An annuity advisor reads a study funded by an annuity manufacturer showing their product outperforms competitors. The advisor should primarily consider:
- Potential conflict of interest and funding bias (Correct answer)
- The study's glossy publication format
- Whether the study was conducted in a foreign country
- The age of the lead researcher
Correct answer: Potential conflict of interest and funding bias
Funding bias is a known concern where sponsor-funded studies tend to favor the sponsor's products, requiring critical appraisal.
Question 7: A researcher studying annuity surrender rates uses a 'random sample.' The primary purpose of random sampling is to:
- Ensure the sample is representative of the broader population (Correct answer)
- Reduce the cost of data collection
- Guarantee all participants respond honestly
- Eliminate the need for statistical analysis
Correct answer: Ensure the sample is representative of the broader population
Random sampling gives every member of the population an equal chance of selection, reducing bias and supporting generalizability.
RAA Research Methods & Evidence-Based Practice 3
Which research bias occurs when participants behave differently because they know they are being observed in an annuity study?