Dual-process modeling of sequential decision making in the balloon analogue risk task

People are often faced with repeated risky decisions that involve uncertainty. In sequential risk-taking tasks, like the Balloon Analogue Risk Task (BART), the underlying decision process is not yet fully understood. Dual-process theory proposes that human cognition involves two main families of processes, often referred to as System 1 (fast and automatic) and System 2 (slow and conscious). We cross models of the BART with different architectures of the two systems to yield a pool of computational dual-process models that are evaluated on multiple performance measures (e.g., parameter identifiability, model recovery, and predictive accuracy). Results show that the best-performing model configuration assumes the two systems are competitively connected, an evaluation process based on the Scaled Target Learning model of the BART, and an assessment rate that incorporates sensitivity to the trial number, pumping opportunity, and bias to engage in System 1. Findings also shed light on how modeling choices and response times in a dual-process framework can benefit our understanding of sequential risk-taking behavior.