Konstantinidis, E orcid.org/0000-0002-4782-0749, van Ravenzwaaij, D, Güney, Ş et al. (1 more author) (2020) Now for sure or later with a risk? Modeling risky intertemporal choice as accumulated preference. Decision, 7 (2). pp. 91-120. ISSN 2325-9965
Abstract
Research on risky and intertemporal decision-making often focuses on descriptive models of choice. This class of models sometimes lack a psychological process account of how different cognitive processes give rise to choice behavior. Here, we attempt to decompose these processes using sequential accumulator modeling (i.e., the linear ballistic accumulator model). Participants were presented with pairs of gambles that either involve different levels of probability or delay (Experiment 1) or a combination of these dimensions (both probability and delay; Experiment 2). Response times were recorded as a measure of preferential strength. We then combined choice data and response times, and utilized variants of the linear ballistic accumulator to explore different assumptions about how preferences are formed. Specifically, we show that a model that allows for the subjective evaluation of a fixed now/certain option to change as a function of the delayed/risky option with which it is paired provides the best account of the combined choice and response time (RT) data. The work highlights the advantages of using cognitive process models in risky and intertemporal choice, and points toward a common framework for understanding how people evaluate time and probability.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2018 APA, all rights reserved. This paper is not the copy of record and may not exactly replicate the authoritative document published in the APA journal. Please do not copy or cite without author's permission. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Inter–temporal Choice; Risky Choice; Evidence Accumulation; Cognitive Modeling; Linear Ballistic Accumulator |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Management Division (LUBS) (Leeds) > Management Division Decision Research (LUBS) |
Depositing User: | Symplectic Publications |
Date Deposited: | 04 Sep 2018 10:47 |
Last Modified: | 27 Mar 2020 16:03 |
Status: | Published |
Publisher: | American Psychological Association |
Identification Number: | 10.1037/dec0000103 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:135216 |