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Dynamic prospect theory: Two core decision theories coexist in the gambling behavior of monkeys and humans
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. We hypothesized...
Autores principales: | , , , , , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
American Association for the Advancement of Science
2023
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10198631/ https://www.ncbi.nlm.nih.gov/pubmed/37205752 http://dx.doi.org/10.1126/sciadv.ade7972 |
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author | Tymula, Agnieszka Wang, Xueting Imaizumi, Yuri Kawai, Takashi Kunimatsu, Jun Matsumoto, Masayuki Yamada, Hiroshi |
author_facet | Tymula, Agnieszka Wang, Xueting Imaizumi, Yuri Kawai, Takashi Kunimatsu, Jun Matsumoto, Masayuki Yamada, Hiroshi |
author_sort | Tymula, Agnieszka |
collection | PubMed |
description | 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. We hypothesized that these two distinct theories guide decision-making in a comprehensive manner. Here, we propose and test a decision-making theory under uncertainty that combines these highly influential theories. Collecting many gambling decisions from laboratory monkeys allowed for reliable testing of our model and revealed a systematic violation of prospect theory’s assumption that probability weighting is static. Using the same experimental paradigm in humans, substantial similarities between these species were uncovered by various econometric analyses of our dynamic prospect theory model, which incorporates decision-by-decision learning dynamics of prediction errors into static prospect theory. Our model provides a unified theoretical framework for exploring a neurobiological model of economic choice in human and nonhuman primates. |
format | Online Article Text |
id | pubmed-10198631 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2023 |
publisher | American Association for the Advancement of Science |
record_format | MEDLINE/PubMed |
spelling | pubmed-101986312023-05-20 Dynamic prospect theory: Two core decision theories coexist in the gambling behavior of monkeys and humans Tymula, Agnieszka Wang, Xueting Imaizumi, Yuri Kawai, Takashi Kunimatsu, Jun Matsumoto, Masayuki Yamada, Hiroshi Sci Adv Neuroscience 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. We hypothesized that these two distinct theories guide decision-making in a comprehensive manner. Here, we propose and test a decision-making theory under uncertainty that combines these highly influential theories. Collecting many gambling decisions from laboratory monkeys allowed for reliable testing of our model and revealed a systematic violation of prospect theory’s assumption that probability weighting is static. Using the same experimental paradigm in humans, substantial similarities between these species were uncovered by various econometric analyses of our dynamic prospect theory model, which incorporates decision-by-decision learning dynamics of prediction errors into static prospect theory. Our model provides a unified theoretical framework for exploring a neurobiological model of economic choice in human and nonhuman primates. American Association for the Advancement of Science 2023-05-19 /pmc/articles/PMC10198631/ /pubmed/37205752 http://dx.doi.org/10.1126/sciadv.ade7972 Text en Copyright © 2023 The Authors, some rights reserved; exclusive licensee American Association for the Advancement of Science. No claim to original U.S. Government Works. Distributed under a Creative Commons Attribution NonCommercial License 4.0 (CC BY-NC). https://creativecommons.org/licenses/by-nc/4.0/This is an open-access article distributed under the terms of the Creative Commons Attribution-NonCommercial license (https://creativecommons.org/licenses/by-nc/4.0/) , which permits use, distribution, and reproduction in any medium, so long as the resultant use is not for commercial advantage and provided the original work is properly cited. |
spellingShingle | Neuroscience Tymula, Agnieszka Wang, Xueting Imaizumi, Yuri Kawai, Takashi Kunimatsu, Jun Matsumoto, Masayuki Yamada, Hiroshi Dynamic prospect theory: Two core decision theories coexist in the gambling behavior of monkeys and humans |
title | Dynamic prospect theory: Two core decision theories coexist in the gambling behavior of monkeys and humans |
title_full | Dynamic prospect theory: Two core decision theories coexist in the gambling behavior of monkeys and humans |
title_fullStr | Dynamic prospect theory: Two core decision theories coexist in the gambling behavior of monkeys and humans |
title_full_unstemmed | Dynamic prospect theory: Two core decision theories coexist in the gambling behavior of monkeys and humans |
title_short | Dynamic prospect theory: Two core decision theories coexist in the gambling behavior of monkeys and humans |
title_sort | dynamic prospect theory: two core decision theories coexist in the gambling behavior of monkeys and humans |
topic | Neuroscience |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10198631/ https://www.ncbi.nlm.nih.gov/pubmed/37205752 http://dx.doi.org/10.1126/sciadv.ade7972 |
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