A Bayesian latent mixture model approach to assessing performance in stock-flow reasoning
Journal Title: Judgment and Decision Making - Year 2017, Vol 12, Issue 5
Abstract
People often perform poorly on stock-flow reasoning tasks, with many (but not all) participants appearing to erroneously match the accumulation of the stock to the inflow – a response pattern attributed to the use of a “correlation heuristic”. Efforts to improve understanding of stock-flow systems have been limited by the lack of a principled approach to identifying and measuring individual differences in reasoning strategies. We present a principled inferential method known as Hierarchical Bayesian Latent Mixture Models (HBLMMs) to analyze stock-flow reasoning. HBLMMs use Bayesian inference to classify different patterns of responding as coming from multiple latent populations. We demonstrate the usefulness of this approach using a dataset from a stock-flow drawing task which compared performance in a problem presented in a climate change context, a problem in a financial context, and a problem in which the financial context was used as an analogy to assist understanding in the climate problem. The hierarchical Bayesian model showed that the proportion of responses consistent with the “correlation heuristic” was lower in the financial context and financial analogy context than in the pure climate context. We discuss the benefits of HBLMMs and implications for the role of contexts and analogy in improving stock-flow reasoning.
Authors and Affiliations
Arthur Kary, Guy E. Hawkins, Brett K. Hayes and Ben R. Newell
Keywords
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