Description
Compare a supplied decision weight with objective probability.
Behavioral economic tasks use explicit payoff units, reference values, time periods and supplied utility or discount conventions. A decision weight need not be a probability, one branch term is not a full expectation, and a nominal cost difference does not establish perceived switching difficulty or an actual preference.
Compare a supplied decision weight with objective probability.
When to use this tool
Use Probability Weight Supplied Model Point when you already have objectiveProbability, suppliedDecisionWeight and need to compare a supplied decision weight with objective probability.
How to use the tool and how it works
- Enter objectiveProbability, suppliedDecisionWeight. Use the units and conventions below.
- Run the tool. Correct any format, range, or cross-field input error before interpreting the output.
- Read weightMinusProbability. Use the output convention below.
Require objectiveProbability in [0,1] and suppliedDecisionWeight>=0; return weight-probability.1
| Input field | Meaning and units | Accepted input |
|---|---|---|
| objectiveProbability | Objective Probability | Required. Finite number; minimum 0; maximum 1. |
| suppliedDecisionWeight | Nonnegative supplied weight that may exceed one; not assumed to be a probability. | Required. Finite number; minimum 0. |
| Output field | Interpretation | Returned shape |
|---|---|---|
| weightMinusProbability | Weight Minus Probability | Required. Finite number. |
{
"input": {
"objectiveProbability": 0.25,
"suppliedDecisionWeight": 0.4
},
"output": {
"weightMinusProbability": 0.15000000000000002
}
}Limitations and assumptions
- Decision weight may exceed one. The tool neither fits a weighting function nor determines a subjective probability, prospect-theory parameter or behavioral effect.
- Inputs must satisfy both the field types and the cross-field conditions above. Invalid input causes an error; a successful false flag or documented placeholder is a different result.
- Numeric calculations use binary floating point unless exact decimal-integer arithmetic is explicitly stated. No hidden measurement tolerance or decimal rounding is added; nonfinite or out-of-contract results are rejected. Numeric signed-zero results are exported as zero.
Alternative or Complementary methods
Review the full task design, incentive and payoff definitions, participant records and statistical analysis. Estimate behavioral models from appropriate data when local supplied-value arithmetic cannot establish preferences or causal effects.
References
Similar or alternative tools
- Lottery Branch Weighted Utility Term
Calculate one supplied lottery branch's expected-utility term.
- Lottery Expected Payoff
Calculate a supplied finite lottery expected payoff.