What is the relationship between reliability and validity, Finance Basics

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What is the relationship between reliability and validity

1. Why do self-report scales use many different items that assess the same conceptual variable?

2. Consider a measure that shows high internal consistency but low test-retest reliability. What can be concluded about the measure?

3. What is the relationship between reliability and validity? Why is it possible to have a reliable measure that is not valid but impossible to have a valid measure that is not reliable?

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