Modeling Viewpoint Shifts in Probabilistic Choice

Tomoya Okubo () and Shin-ichi Mayekawa

Psychometrika, 2015, vol. 80, issue 2, 412-427

Abstract: A number of mathematical models for overcoming intransitive choice have been proposed and tested in the literature of decision theory. This article presents the development of a new stochastic choice model based on multidimensional scaling. This allows decision-makers to have multiple viewpoints, whereas current multidimensional scaling models are based on the assumption that a subject or group of subjects has only one viewpoint. The implication of our model is that subjects make an intransitive choice because they are able to shift their viewpoint. This paper also presents the maximum likelihood estimation of the proposed model, and reanalyzes Tversky’s gamble experiment data. Copyright The Psychometric Society 2015

Keywords: viewpoint shift; vector model; latent class model; multidimensional scaling model; decision theory (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/s11336-013-9392-7

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