compareRAM: Compare choice gambles under Birnbaum's (2008) configural...

In gary-au/pt: Computational models for prospect theory and other theories of risky decision making

Description

Compare choice gambles under Birnbaum's (2008) configural weight RAM theory.

Usage

compareRAM(object, branch_weight_list, prob_weight, utility, digits)

## S4 method for signature 'Choices'
compareRAM(object, branch_weight_list, prob_weight, utility,
  digits)

Arguments

object	Choices, an instance of a Choices class.
branch_weight_list	list, a list of branch weighting vectors.
prob_weight	ProbWeight, an instance of a ProbWeight class.
utility	Utility, an instance of a Utility class.
digits	numeric, the number of digits to display in the output.

References

Birnbaum, M. H. (2008). New paradoxes of risky decision making. Psychological Review, 115(2), 463-501.

Examples

# This example creates the two Allais common consequence paradox choices,
# and computes the RAM for each gamble in the choices.

choice_ids <- c(1, 1, 1, 1, 2, 2, 2, 2)

gamble_ids <- c(1, 1, 1, 2, 1, 1, 2, 2)

outcome_ids <- c(1, 2, 3, 1, 1, 2, 1, 2)

objective_consequences <- c(2500, 2400, 0, 2400,
	2500, 0, 2400, 0)

probability_strings <- c("0.33", "0.66", "0.01", "1.0",
	"0.33", "0.67", "0.34", "0.66")

my_choices <- Choices(choice_ids=choice_ids,
	gamble_ids=gamble_ids,
	outcome_ids=outcome_ids,
	objective_consequences=objective_consequences,
	probability_strings=probability_strings)

my_choices

# note that the maximum number of outcomes in the gambles is 3,
# so branch weights for 3 outcomes need to be provided.

branch_weight_list <- list(c(1),
	c(0.3738, 0.6262),
	c(0.16, 0.33, 0.51))

my_utility <- Utility(fun="linear",
	par=c(lambda=1))

power_probability_weighting <-
	ProbWeight(fun="power",
	par=c(alpha=0.7, beta=1))

compareRAM(my_choices,
	branch_weight_list=branch_weight_list,
	prob_weight=power_probability_weighting,
	utility=my_utility,
	digits=4)

gary-au/pt documentation built on May 16, 2019, 5:41 p.m.