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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...

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Autores principales: Tymula, Agnieszka, Wang, Xueting, Imaizumi, Yuri, Kawai, Takashi, Kunimatsu, Jun, Matsumoto, Masayuki, Yamada, Hiroshi
Formato: Online Artículo Texto
Lenguaje:English
Publicado: American Association for the Advancement of Science 2023
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.
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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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