Bayesian Data Analysis of Gambling Preferences
MICHIGAN UNIV ANN ARBOR ENGINEERING PSYCHOLOGY LAB
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The paper emphasizes the use of Bayesian data analysis for experiments with choices among gambles. In an introductory example, the method is illustrated by a comparison of two learning theories. Special problems arise with the analysis of data from decision making experiments which assume deterministic choice models which cannot be handled by Bayesian analyses. Several ways around these difficulties are suggested, discussed, and demonstrated on two sets of data from choice-among-gambles experiments.
- Statistics and Probability