2020
DOI: 10.31234/osf.io/mvk67
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A systematic investigation into the reliability of inter-temporal choice model parameters

Abstract: Decades of work has been dedicated to developing and testing models that characterize how people make inter-temporal choices. Although parameter estimates from these models are often interpreted as indices of latent components of the choice process, little work has been done to examine their reliability. This is problematic, because estimation error can bias conclusions that are drawn from these parameter estimates. We examine the reliability of inter-temporal choice model parameter estimates by conducting a p… Show more

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Cited by 4 publications
(2 citation statements)
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References 60 publications
(87 reference statements)
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“…The analysis in this section aims to illustrate how individuals characterized by high or low recency would adapt to different conditions of direction of change (e.g., from increasing to decreasing conditions and vice versa). This exercise helps explore whether model parameters can only be considered in the decision environment in which they have been calibrated/fitted, or whether they represent unique psychological features of each individual (see related discussion in Ballard et al, 2021;Harman et al, 2021).…”
Section: Ibl Model Generalizationmentioning
confidence: 99%
“…The analysis in this section aims to illustrate how individuals characterized by high or low recency would adapt to different conditions of direction of change (e.g., from increasing to decreasing conditions and vice versa). This exercise helps explore whether model parameters can only be considered in the decision environment in which they have been calibrated/fitted, or whether they represent unique psychological features of each individual (see related discussion in Ballard et al, 2021;Harman et al, 2021).…”
Section: Ibl Model Generalizationmentioning
confidence: 99%
“…Parameter recovery involves simulating behavioral data for a model based on known parameters (i.e., parameters estimated from a real dataset of participants' responses), fitting the model to the simulated data, and then comparing the newly-generated (i.e., recovered) parameter estimates to the original, known parameters. Parameter recovery is necessary for valid interpretation of a parameter fit (Hübner & Pelzer, 2020), and can provide insight into the reliability of parameter estimation (Ballard et al, 2020;Shahar et al, 2019).…”
Section: Parameter Recoverymentioning
confidence: 99%