Year: 2014
Type: article
Abstract: How should we choose a model that predicts human choices?Two important factors in this choice are a model's predictive power and a model's flexibility.In this paper, we compare these aspects of models in a large set of models applied to an experiment in which participants chose between brands of fictitious chocolate bars and a quasi-experiment predicting movies' gross revenue.We show that there is a trade-off between flexibility and predictive power, but that this trade-off appears to lie more towards the "flexible" side than what was previously thought.
Institution: University College London
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W610679523