Evidence accumulation in decision making: Unifying the “take the best” and the “rational” models

Lee, Michael D. and Cummins, Tarrant D. R. (2004) Evidence accumulation in decision making: Unifying the “take the best” and the “rational” models. Psychonomic Bulletin and Review, 11 2: 343-352.


Author Lee, Michael D.
Cummins, Tarrant D. R.
Title Evidence accumulation in decision making: Unifying the “take the best” and the “rational” models
Journal name Psychonomic Bulletin and Review   Check publisher's open access policy
ISSN 1069-9384
1531-5320
Publication date 2004
Sub-type Article (original research)
Volume 11
Issue 2
Start page 343
End page 352
Total pages 10
Place of publication Austin, Tex.
Publisher Psychonomic Society
Language eng
Subject 1701 Psychology
Abstract An evidence accumulation model of forced-choice decision making is proposed to unify the fast and frugal take the best (TTB) model and the alternative rational (RAT) model with which it is usually contrasted. The basic idea is to treat the TTB model as a sequential-sampling process that terminates as soon as any evidence in favor of a decision is found and the rational approach as a sequential-sampling process that terminates only when all available information has been assessed. The unified TTB and RAT models were tested in an experiment in which participants learned to make correct judgments for a set of real-world stimuli on the basis of feedback, and were then asked to make additional judgments without feedback for cases in which the TTB and the rational models made different predictions. The results show that, in both experiments, there was strong intraparticipant consistency in the use of either the TTB or the rational model but large interparticipant differences in which model was used. The unified model is shown to be able to capture the differences in decision making across participants in an interpretable way and is preferred by the minimum description length model selection criterion
Q-Index Code C1

Document type: Journal Article
Sub-type: Article (original research)
Collections: Aboriginal and Torres Strait Islander Studies Unit Publications
Excellence in Research Australia (ERA) - Collection
 
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Created: Fri, 06 Mar 2009, 15:08:34 EST by Alexandra Cooney on behalf of Aboriginal and Torres Strait Islander Studies Unit