Stewart, N., & Simpson, K. (2008). A decision-by-sampling account of decision under risk. In N. Chater & M. Oaksford (Eds.), The probabilistic mind: Prospects for Bayesian cognitive science (pp. 261-276). Oxford, England: Oxford University Press.

In decision by sampling (DbS), the subjective value of an attribute value is derived from a series of binary, ordinal comparisons with a sample of attribute values from the immediate context and from long-term memory. Here, we extend DbS to account for choices between risky prospects by using the binary, ordinal comparisons to increment accumulators for each prospect. The model correctly predicts the direction of preference for all 16 prospects from the Kahneman and Tversky (1979) data set and produces a high correlation between choice proportions and model predictions.

Back