Luckman, Ashley and Donkin, Chris and Newell, Ben R.. (2017) Can a single model account for both risky choices and inter-temporal choices? Testing the assumptions underlying models of risky inter-temporal choice. Psychonomic Bulletin & Review. pp. 1-8.
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Official URL: http://edoc.unibas.ch/56071/
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Abstract
There is growing interest in modelling how people make choices that involve both risks and delays, i.e., risky inter-temporal choices. We investigated an untested assumption underlying several proposed risky inter-temporal choice models: that pure risky choices and pure inter-temporal choices are special cases of risky inter-temporal choice. We tested this assumption by presenting a single group of participants with risky choices and inter-temporal choices. We then compared the performance of a model that is fit to both choice types simultaneously, with the performance of separate models fit to the risky choice and inter-temporal choice data. We find, using Bayesian model comparison, that the majority of participants are best fit by a single model that incorporates both risky and inter-temporal choices. This result supports the assumption that risky choices and inter-temporal choices may be special cases of risky inter-temporal choice. Our results also suggest that, under the conditions of our experiment, interpretation of monetary value is very similar in risky choices and inter-temporal choices.
Faculties and Departments: | 07 Faculty of Psychology > Departement Psychologie > Society & Choice > Economic Psychology (Rieskamp) |
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UniBasel Contributors: | Luckman, Ashley James |
Item Type: | Article, refereed |
Article Subtype: | Research Article |
Publisher: | Springer |
ISSN: | 1069-9384 |
e-ISSN: | 1531-5320 |
Note: | Publication type according to Uni Basel Research Database: Journal article |
Identification Number: | |
Last Modified: | 16 Oct 2017 08:15 |
Deposited On: | 16 Oct 2017 08:15 |
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