Construct · 6 fields · 15 citations
One name. Different field. Different construct. One map.
● jingle · one name, six constructs Nearest construct by meaningsentimentcompare the meaningsEvery construct on the map is compared with every other by the meaning of its definitions, and the closest one is surfaced here. The nearest construct to sentiment is sentiment.
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The optimism or pessimism of households about their own finances and the economy, summarised as a monthly index built from five survey questions. Katona started the University of Michigan surveys after the war on the argument that consumer spending depends on willingness to buy as well as ability to buy, and that willingness is a psychological state a survey can measure; his 1975 Psychological Economics is the mature statement. Curtin's 1982 account fixes the instrument: the Index of Consumer Sentiment scores each answer as favourable, unfavourable or neutral, nets them, and rebases to 1966. Carroll, Fuhrer and Wilcox showed in 1994 that lagged sentiment explains about a seventh of the variation in the growth of personal consumption and adds modestly to a forecast that already knows income, which is the honest size of the claim. Sentiment here belongs to a population of households and is a leading indicator, not an explanation.[1][2][3]
A belief about future cash flows and risks that is not justified by the facts at hand, held widely enough to move prices when arbitrage is costly. Baker and Wurgler fixed the measurable version in 2006 as a composite of market proxies, among them the closed-end fund discount, share turnover, the number and first-day returns of initial public offerings, the equity share in new issues and the dividend premium, each stripped of its business-cycle component; they showed that when the index is high, subsequent returns are low for small, young, volatile, unprofitable and non-dividend-paying stocks, the ones hardest to value and hardest to arbitrage. Their 2007 survey states the theory: sentiment matters at the level of the cross-section, not the market as a whole. Tetlock's 2007 paper is the bridge to the next field: a pessimism factor extracted from a daily Wall Street Journal column predicts a dip in the Dow that reverts within a week, and unusual pessimism predicts high volume. Sentiment in finance is whatever the residual is once fundamentals are removed.[4][5][6]
The evaluative orientation of a document, sentence or phrase, most often reduced to a label of positive, negative or neutral, sometimes to a score or an aspect-level tuple of opinion holder, target and polarity. Pang, Lee and Vaithyanathan set the task in 2002 by training standard text classifiers on movie reviews and finding that sentiment was harder than topic classification, because negation, sarcasm and thwarted expectation defeat a bag of words. Pang and Lee's 2008 survey named the field opinion mining and sentiment analysis, and Liu's 2012 lectures gave it a formal object: an opinion is a quintuple of entity, aspect, sentiment, holder and time. The construct is a property of a text, assigned by an annotator or a model, and evaluated by agreement with a held-out label. Whether any person feels the sentiment is outside the task.[7][8][9]
The valence of what consumers say about a brand or product online, aggregated over reviews, posts and ratings into a time series a firm can watch. Tirunillai and Tellis fixed the financial version in 2012 by classifying product reviews across six markets and showing that the volume of chatter and the share of negative chatter carry information about abnormal stock returns, with negative chatter mattering more than positive. Berger and colleagues' 2020 review set out how text becomes marketing insight: sentiment is one of several constructs extracted from words, alongside topics, style and emotion, and the extraction must be validated against the construct it claims to measure. Marketing borrows the NLP label and treats it as a signal about a brand; the unit is the brand, not the text, and the validity question is whether the aggregate tracks anything a manager can act on.[10][11]
The felt approval or disapproval from which, on the sentimentalist account, moral distinctions arise. Hume argued in Book 3 of the Treatise in 1740 that morality is more properly felt than judged, that reason alone cannot move us to act, and that vice and virtue are perceptions in the mind of the spectator rather than properties of the act. Smith's Theory of Moral Sentiments of 1759 built the mechanism: we judge conduct by imagining ourselves in the agent's place and asking whether we can go along with the passion, and we judge our own conduct through an impartial spectator we construct from that experience. Sentiment in this meaning is not opinion about a thing but the affective response that constitutes calling it right or wrong. It has no index, no polarity label and no forecasting claim; it is the thing the other five meanings are metaphors of.[12][13]
An organised system of emotional dispositions centred on the idea of some object, so that love of a person or hatred of a cause is not one emotion but a standing arrangement that produces joy, fear, anger or sorrow as circumstances of the object change. Shand gave the construct its fullest statement in The Foundations of Character in 1914; McDougall had already adopted it in his 1908 Introduction to Social Psychology, where sentiments built on instincts are the units of character and the self-regarding sentiment organises conduct. The point was to explain consistency: an emotion is an episode, a sentiment is what makes the same episodes recur toward the same object. Psychology later gave this construct a new name, attitude, and the disposition toward an object with evaluative direction and behavioural consequence lives on at /attitude. The word sentiment left the discipline; the construct did not.[14][15]
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