Fig. 5.

Convergent validity between traditional metrics and cognitive model parameters.

Convergent validity between traditional measures of QDM, IMP, and Risk + and corresponding cognitive model parameter alternatives. The α parameter captures distortion of color choice probabilities, which leads to more or less optimal color choices and is analogous to traditional measures of QDM. The β parameter captures how much participants discount the utility of each bet with the passing of time and is analogous to traditional measures of IMP. The ρ parameter captures risk sensitivity, where values of ρ < 1 indicate less sensitivity to losses than gains and values of ρ > 1 have the opposite interpretation. Therefore, ρ < 1 reflects risk-seeking behavior, and ρ > 1 indicates risk-averse behavior. Note that the correlations between ρ parameters and Risk + scores are negative because ρ is specific to losses, so the interpretation is reversed. The cognitive model parameters are log-transformed. All p-values < < 0.001.