Neuronal signals for reward risk and formal economic utility
- đ¤ Speaker: Wolfram Schultz, Department of Physiology, Development & Neuroscience, University of Cambridge, UK
- đ Date & Time: Monday 27 February 2017, 12:00 - 13:30
- đ Venue: Room W4.05, Cambridge Judge Business School
Abstract
In behavioural studies on monkeys, we establish nonlinear utility functions that predict independent attitudes to different types of mathematically defined risk. The animals’ stochastic choices are meaningful in following transitivity and first, second and third order stochastic dominance of the tested gambles, thus confirming rational choice behaviour governed by value, symmetric (variance) risk and skewness risk, respectively. The dopamine prediction error response codes economic utility and satisfies first- and second-order stochastic dominance. These data unite concepts from animal learning theory and economic decision theory at the level of single reward neurons.
Series This talk is part of the CJBS Marketing Group Seminars series.
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Wolfram Schultz, Department of Physiology, Development & Neuroscience, University of Cambridge, UK
Monday 27 February 2017, 12:00-13:30