I want to measure the latent variable risk tolerance. Therefore, I use a total of 6 items. Afterward, I would like to use the latent variable in a linear regression model, however, I don't know how to summarize the 6 items to come up with the variable that I can use in the regression model.
The problem is that the 6 items have different scales. More precisely:
- First item has a scale from 1 to 5
- Second item has a scale from 1 to 7
- Third item has a scale from 1 to 6
- Fourth item has a scale from 1 to 3
- Fifth item has a scale from 1 to 2
- Sixth item has a scale from 1 to 2
Can I just sum up all the scores and take the sum as the input variable for my regression model? Or can I use factor analysis for that purpose? Or what are the best practices to solve that problem?
EDIT: The item responses are ordinal
Many thanks in advance :)