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SUMMARY:Computational Neuroscience Journal Club - Daniel Braun (University
  of Cambridge)
DTSTART:20100126T160000Z
DTEND:20100126T170000Z
UID:TALK22811@talks.cam.ac.uk
CONTACT:Dr Jean-Pascal Pfister
DESCRIPTION:Daniel Braun will present\n\nThe Probabilistic Nature of Prefe
 rential Choice. \n\nBy Rieskamp\, Jörg\nJournal of Experimental Psycholog
 y: Learning\, Memory\, and Cognition. Vol 34(6)\, Nov 2008\, 1446-1465.\n\
 nAbstract\nPrevious research has developed a variety of theories explainin
 g when and why people's decisions under risk deviate from the standard eco
 nomic view of expected utility maximization. These theories are limited in
  their predictive accuracy in that they do not explain the probabilistic n
 ature of preferential choice\, that is\, why an individual makes different
  choices in nearly identical situations\, or why the magnitude of these in
 consistencies varies in different situations. To illustrate the advantage 
 of probabilistic theories\, three probabilistic theories of decision makin
 g under risk are compared with their deterministic counterparts. The proba
 bilistic theories are (a) a probabilistic version of a simple choice heuri
 stic\, (b) a probabilistic version of cumulative prospect theory\, and (c)
  decision field theory. By testing the theories with the data from three e
 xperimental studies\, the superiority of the probabilistic models over the
 ir deterministic counterparts in predicting people's decisions under risk 
 become evident. When testing the probabilistic theories against each other
 \, decision field theory provides the best account of the observed behavio
 r. (PsycINFO Database Record (c) 2009 APA\, all rights reserved)
LOCATION:Cambridge University Engineering Department\, CBL Rm #438 (http:/
 /learning.eng.cam.ac.uk/Public/Directions)
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