Related Experiment Video
Updated: May 4, 2026
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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
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Modeling Viewpoint Shifts in Probabilistic Choice
Tomoya Okubo1, Shin-Ichi Mayekawa
1The National Center for University Entrance Examinations, 2-19-23 Komaba, Meguro-ku, Tokyo, 153-8501, Japan, okubo@rd.dnc.ac.jp.
Psychometrika
|December 20, 2013
Summary
This study introduces a new stochastic choice model using multidimensional scaling, allowing multiple viewpoints to explain intransitive choices. The model was estimated and applied to Tversky
Area of Science:
- Decision Theory
- Mathematical Psychology
- Multidimensional Scaling
Background:
- Intransitive choice presents a challenge in decision theory.
- Existing multidimensional scaling models assume a single viewpoint for decision-makers.
- Understanding the dynamics of choice behavior is crucial.
Purpose of the Study:
- To develop a novel stochastic choice model addressing intransitive choices.
- To incorporate multiple viewpoints within a multidimensional scaling framework.
- To provide a new method for analyzing decision-making processes.
Main Methods:
- Development of a new stochastic choice model.
- Application of multidimensional scaling with multiple viewpoints.
- Maximum likelihood estimation for model parameters.
- Reanalysis of Tversky's gamble experiment data.
Main Results:
- The proposed model successfully accounts for intransitive choices by allowing viewpoint shifts.
- The model provides a more flexible representation of decision-maker perspectives.
- Reanalysis of Tversky's data supports the model's efficacy.
Conclusions:
- The new multidimensional scaling-based model offers a significant advancement in understanding intransitive choice.
- Allowing for multiple viewpoints enhances the explanatory power of choice models.
- The model has implications for various fields of decision science.
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