A Censored Mixture Model for Modeling Risk Taking

Nienke F. S. Dijkstra, Henning Tiemeier (), Bernd Figner () and Patrick J. F. Groenen ()
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Nienke F. S. Dijkstra: Erasmus University Rotterdam
Henning Tiemeier: Erasmus University Rotterdam
Bernd Figner: Radboud University, Behavioural Science Institute and Donders Institute for Brain, Cognition and Behaviour
Patrick J. F. Groenen: Erasmus University Rotterdam

Psychometrika, 2022, vol. 87, issue 3, No 14, 1103-1129

Abstract: Abstract Risk behavior has substantial consequences for health, well-being, and general behavior. The association between real-world risk behavior and risk behavior on experimental tasks is well documented, but their modeling is challenging for several reasons. First, many experimental risk tasks may end prematurely leading to censored observations. Second, certain outcome values can be more attractive than others. Third, a priori unknown groups of participants can react differently to certain risk-levels. Here, we propose the censored mixture model which models risk taking while dealing with censoring, attractiveness to certain outcomes, and unobserved individual risk preferences, next to experimental conditions.

Keywords: censoring; finite mixtures; multiple inflated model; Columbia Card Task; Generation R Study (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s11336-021-09839-1

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