Table 4.

BIC Scores and R² Values Associated With the Different Prospect Theory Models and Comparison Models

Model Description	Number of Parameters	BIC	R2	Model Accuracy
Model 1: λ, ρ, and µ Estimated Across All Trialsa	3	10,287b	.508	78.9%
Model 2: λ, ρ, and µ Estimated Separately for Each Emotion Condition	12	12,215	.543	79.9%
Model 3: λ and ρ Estimated Separately for Each Emotion Condition; µ Estimated Across All Trials	9	11,580	.534	79.5%
Model 4: Null Modelc	0	19,583	0	50.0%
Model 5: Null Modeld	1	16,869	.152	59.6%
Model 6: λ and µ (no ρ) Estimated Across All Trials	2	12,933	.367	70.8%
Model 7: ρ and µ (no λ) Estimated Across All Trials	2	16,839	.168	60.2%
Model 8: µ Only, Estimated Across All Trials	1	18,206	.084	55.1%

Model accuracy represents the percentage of choices correctly explained by the model, computed for each participant using their parameter estimates and averaged across participants. R² and model accuracy values cannot be directly compared across models with different numbers of parameters.

^aMain text model.

^bWinning model (lowest Bayesian information criterion [BIC]).

^cp_gamble = .5 on every trial.

^dp_gamble = average propensity to gamble for that subject on every trial.