Using hierarchical Bayesian methods to examine the tools of decision-making

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Michael D. Lee; Benjamin R. Newell;
  • Publisher: eScholarship, University of California
  • Journal: Judgment and Decision Making,volume 6,issue 8 December,pages832-842 (issn: 1930-2975)
  • Subject: Social and Behavioral Sciences | models | heuristic decision-making | frugal | strategies | BF1-990 | Economics as a science | stopping rules.NAKeywords | hierarchical Bayesian models | evidence accumulation | Psychology | hierarchical Bayesian models, Bayesian inference, heuristic decision-making, take-the-best, search rules, stopping rules. | search rules | HB71-74 | information | rationality | take-the-best | Bayesian inference

Hierarchical Bayesian methods offer a principled and comprehensive way to relate psychological models to data. Here we use them to model the patterns of information search, stopping and deciding in a simulated binary comparison judgment task. The simulation involves 20 ... View more
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