Let's say I have a questionnaire about a toy and I ask:
- The person to rate the toy on a scale of "bad, medium, good"
- How much the person thinks it cost to make the toy
I want to test whether there's a (monotonic) relationship between the two variables. What's the best way of doing this?
- One way is to run two different one-sided t-tests, comparing (bad, medium) and then (medium, good), but I guess this loses some information.
- Another way is to use an ordinal logistic regression, where cost is the explanatory variable and the toy rating is the response.
- Another way is to maybe use something like Spearman rank correlation? This seems kind of funny to me, though, so I'm not sure.
- Something with (ordered) ANOVA? (I've never really understood ANOVA that well, so I'm not sure.)
What's a good approach to try?
Bonus 1: What are the pros/cons of the different approaches above? Bonus 2: points for pointing to an R function I could use.