Before revision:  We capture these features in a set of low dimensional latent variables using a Bayesian hierarchical latent class model that is adapted from probabilistic topic modeling of text data .
After revision:  We capture these features in a set of low dimensional latent variables using a Bayesian hierarchical latent class model to summarize and interpret observed heterogeneity in categorical expectations data. We show that the statistical model corresponds to an economic structural model of information acquisition, which guides interpretation and estimation of the model parameters .