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Non-parametric estimation of the individual's utility map
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Noguchi, Takao, Sanborn, Adam N. and Stewart, Neil (2013) Non-parametric estimation of the individual's utility map. In: COGSCI 2013 : Thirty-fifth annual conference of the Cognitive Science Society, Berlin, Germany, 31 Jul - 3 Aug 2013. Published in: Proceedings of the Thirty-Fifth Annual Conference of the Cognitive Science Society pp. 3145-3150. ISBN 9780976831891.
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WRAP_9771026-ps-230115-noguchi_sanborn_stewart_2013.pdf - Published Version - Requires a PDF viewer. Download (1313Kb) | Preview |
Official URL: http://mindmodeling.org/cogsci2013/
Abstract
Models of risky choice have attracted much attention in behavioural economics. Previous research has repeatedly demonstrated that individuals' choices are not well explained by expected utility theory, and a number of alternative models have been examined using carefully selected sets of choice alternatives. The model performance however, can depend on which choice alternatives are being tested. Here we develop a non-parametric method for estimating the utility map over the wide range of choice alternatives. The estimated maps are compared against the three of the most well-known models of risky choice: expected utility theory, cumulative prospect theory, and the transfer of attention exchange model. Model comparison indicates that cumulative prospect theory provides a better prediction of individuals' choices, but the estimated maps show that the overall shape of utility map is different from what the model predicts.
| Item Type: | Conference Item (Paper) | ||||
|---|---|---|---|---|---|
| Subjects: | B Philosophy. Psychology. Religion > BF Psychology | ||||
| Divisions: | Faculty of Science, Engineering and Medicine > Science > Psychology | ||||
| Library of Congress Subject Headings (LCSH): | Choice (Psychology) -- Mathematical models | ||||
| Journal or Publication Title: | Proceedings of the Thirty-Fifth Annual Conference of the Cognitive Science Society | ||||
| Publisher: | Cognitive Science Society | ||||
| ISBN: | 9780976831891 | ||||
| Editor: | Knauff, M. and Pauen, M. and Sebanz , N. and Wachsmuth , I. | ||||
| Official Date: | 2013 | ||||
| Dates: |
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| Page Range: | pp. 3145-3150 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Date of first compliant deposit: | 28 July 2016 | ||||
| Date of first compliant Open Access: | 28 July 2016 | ||||
| Conference Paper Type: | Paper | ||||
| Title of Event: | COGSCI 2013 : Thirty-fifth annual conference of the Cognitive Science Society | ||||
| Type of Event: | Conference | ||||
| Location of Event: | Berlin, Germany | ||||
| Date(s) of Event: | 31 Jul - 3 Aug 2013 |
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