edoc-vmtest

Can a single model account for both risky choices and inter-temporal choices? Testing the assumptions underlying models of risky inter-temporal choice

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)
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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