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In this talk I will review the development of factor model, including the classical model, orthogonal model, strict model, approximate
model, the static and the dynamic model. For each model, the construction of the assumptions is given. The relationships and
limitations among these models are discussed. I then present a refined factor model with the optimized criteria in our recent work
(Haiming Lin, Baohua He and Zifang Du, 2012; Qiyi Tang, Baohua He and Galen I.Papkov, 2012). Finally I scrutinize the most update
advance in factor analysis such as the measures of model fit and large data characterized panels and high dimensionality.
Bob worked in UIS (UNESCO Institute for Statistics)in LAMP (Literacy Assessment and Monitoring Programme), Canada.
Bob have two master degrees: one is in Applied Statistics studied in Canada Concordia and McGill University and the other is in Educational
Statistics in South China Normal University. Bob is pursuing Ph.D. in Statistics in Sun Yat-sen University, China
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