You could use probit model

Dear Saif,

If you are looking at reference points to measure investors decision making process, perhaps to measure how would the decisions "create value" to the investors?

Best wishes

Yaziz

This article may offer you some insights:

Lauriola, M., & Levin, I. P. (2001). Personality traits and risky decision-making in a controlled experimental task: An exploratory study. Personality and Individual Differences, 31(2), 215-226.

Dear Saif,

You can browse some papers described the measurement. The papers are listed in my article “The criticism of NPV and EAC”.

Best wishes

Anton

According to me,

a Likert scale will bring out the correct answer.

Say suppose an investor is supposed to buy a property, when the price of property is low, demand is down, real estate market is not doing well etc.

So, that's most logical i.e. scale 5 can be assigned as most logical.

On the contrary, he is buying when the prices are on the roof, demand is soaring etc. This means the decision may not be that logical. So, a scale of 1 can be assigned against that.

So an investor who scores 5 will be personified as a logical rational thinker who gives head precedence over heart.

On the other side the investor who scores 1 will be sentimental emotional or could be driven by somebody else too.

Regards

Bikram