Table 2 Key features of fitted theoretical models
From: Biased expectations about future choice options predict sequential economic decisions
Model name | Free parameters | Strategy |
|---|---|---|
Cut Off heuristic | Cut off, Softmax beta | Chooses no option until after a “cut off” number of samples, then chooses next option with highest relative rank. |
Cost to Sample | Cost to sample, Softmax beta | Ideal Observer, but sampling can be perceived as costly. |
Biased Values | Option value threshold, Softmax beta | Ideal Observer, but only option values above a threshold can be considered. |
Biased Prior | Constant added to prior mean, Softmax beta | Ideal Observer, but expected value (mean) of prior option value distribution can be reduced by a constant. |
