Bayesian Analysis of Processed Information in Decision Making Experiments

In research on decision making, experiments are often analyzed in terms of decision strategies. These decision strategies define both which information is used as well as how it is used. However, often it is desirable to identify the used information without any further assumptions about how it is used. We provide a mathematical framework that allows analyzing which information is used by identifying consistent patterns on the choice probabilities. This framework makes it possible to generate the most general model consistent with an information usage hypothesis and then to test this model against others. We test our approach in a recovery simulation to show thatthe used information may be reliably identified AUC>= .90. In addition, to further verify the correctness we compare our approach with other approaches based on strategy fitting to show that both produce similar results.