Journal
PSYCHONOMIC BULLETIN & REVIEW
Volume 25, Issue 2, Pages 785-792Publisher
SPRINGER
DOI: 10.3758/s13423-017-1330-8
Keywords
Risky choice; Inter-temporal choice; Utility
Categories
Funding
- Australian Research Council Future Fellowship [FT110100151]
- ARC Discovery Project [DP 140101145]
- Australian Research Council DECRA Fellowship [DE130100129]
- UNSW PhD Scholarship
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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.
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