A random support model of the calibration of subjective probabilities

Abstract

A stochastic model of the calibration of subjective probabilities based on support theory (Rottenstreich and Tversky, 1997, Tversky and Koehler, 1994) is presented. This model extends support theory—a general representation of probability judgment—to the domain of calibration, the analysis of the correspondence between subjective and objective probability. The random support model can account for the common finding of overconfidence, and also predicts the form of the relationship between overconfidence and item difficulty (the "hard–easy effect"). The parameters of the model have natural psychological interpretations, such as discriminability between correct and incorrect hypotheses, and extremity of judgment. The random support model can be distinguished from other stochastic models of calibration by: (a) using fewer parameters, (b) eliminating the use of variable cutoffs by mapping underlying support directly into judged probability, (c) allowing validation of model parameters with independent assessments of support, and (d) applying to a wide variety of tasks by framing probability judgment in the integrative context of support theory.