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Neuroeconomics

Research in the multidisciplinary field of neuroeconomics has mainly been driven by two influential theories regarding human economic choice:

  • prospect theory, which describes decision-making under risk, and
  • reinforcement learning theory, which describes learning for decision-making.

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How A Lucky Win Skews A Known Probability

Specifically, the researchers asked 70 people to repeatedly choose between two lotteries in which they could gain some reward with some probability. The lotteries varied in the size of the reward, the probability of receiving it, and the amount of risk involved.

The results showed that

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199 reads

Probabilities & Prospects: Winning Is Believing

Professor Yamada also says: “Such learning from unexpected events underlies reinforcement learning theory and is a well-known algorithm that occurs when people need to learn the rewards from experience.

It is interesting that it occurs even if learning ...

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How Winning Changes Perception Of The Variables

Senior author of the study Assistant Professor Hiroshi Yamada says “This behavior is surprising because winning probabilities were clearly described to the participants (participants did not have to learn them from experience) and these probabilities were also completely inde...

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Dymanic Prospect Theory

Researchers from the University of Tsukuba, Japan have developed and validated a model (“dynamic prospect theory”) that integrates the most popular model in behavioral economics to describe decision-making under uncertainty—prospect theory, and a well-established model of learnin...

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222 reads

Irrationally Influenced Rational Decisions

How do we make decisions when the outcomes are uncertain?

One possible way would be to calculate the expected value of each option by multiplying each possible outcome amount by its probability and then choosing the option with the highest expected value.

While this strategy w...

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322 reads

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“An idea is something that won’t work unless you do.” - Thomas A. Edison

Do we know the odds or do we like the odds?

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Modelling motivation: rationality, signaling and bias

  • Rational choice theory suggests that human behaviour is underpinned by the motivations of each individual. More specifically, this theory models human beings as utility-maximizers, according to a set of preferences. If you give people a set of actions to choose from, th...

Mental Abilities Improve During Aging, Says Research.

Mental Abilities Improve During Aging, Says Research.

It's long been believed that advancing age leads to broad declines in our mental abilities. Now new research from Georgetown University Medical Center offers surprisingly good news by countering this view.

The findings, published August 19, 2021, in Nature Human Behaviour , show th...

The extra-large glass

The extra-large glass

A well-designed decoy can shift our decision making between two options as much as 40%.

For example, we are more likely to buy the large glass of juice at the counter when we have been provided with a choice in which the smaller glass is priced only slightly less. We tend to opt for the ...

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