Corrections to classical procedures for estimating thurstone´s case v model for ranking data

The classical method (Mosteller, 1951) for estimating Thurstone´s Case V model for ranking data consists in a) transforming the observed ranking patterns to patterns of binary paired comparisons, b) obtaining the normal deviate corresponding to the men of each binary variable, and c) estimate the model parameters from these deviates by least squares. However, classical procedures do not take into account the dependencies among the deviates and as a result, asymptotic standard errors (SEs) and goodness of fit (GOF) test are incorrect.