Related Experiment Videos
Modeling valuations from experience: A comment on Ashby and Rakow (2014)
Dirk U Wulff1, Thorsten Pachur1
1Max Planck Institute for Human Development.
Journal of Experimental Psychology. Learning, Memory, and Cognition
|January 12, 2016
Summary
Reanalyzing prior research on subjective valuation, this study found no strong support for the sliding window model (SWIM). Individual differences in estimated window sizes may reflect noise, not working memory capacity, impacting valuation models.
Area of Science:
- Cognitive psychology
- Decision science
- Behavioral economics
Background:
- Subjective valuations are influenced by sequential experiences.
- The sliding window model (SWIM) proposes valuations average recent outcomes.
- Previous research suggested SWIM aligns with working memory capacity.
Purpose of the Study:
- To re-evaluate the sliding window model (SWIM) using existing data.
- To investigate the influence of noise on model parameter estimation.
- To explore model discrimination capabilities under varying noise and sample sizes.
Main Methods:
- Reanalysis of Ashby and Rakow's (2014) dataset.
- Computer simulations to assess model discrimination.
- Examination of noise and sample size effects on model fitting.
Main Results:
- No clear evidence supported SWIM or alternative models; summary model showed slight advantage.
- Individual differences in SWIM window size correlated with noise, not working memory.
- Model discrimination success depends on noise and outcome sample size.
Conclusions:
- The sliding window model's performance and interpretation are sensitive to noise and data sample size.
- Existing models may not accurately capture cognitive mechanisms of valuation from experience.
- Improved methods are needed for comparing valuation models and understanding individual differences.