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- Article] Neural Response to Reward Anticipation under Risk Is Nonlinear in Probabilities
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DocNo of ILP: 3382
Doc. Type: Article
Title: Neural Response to Reward Anticipation under Risk Is Nonlinear in Probabilities
Authors: Hsu, M; Krajbich, I; Zhao, C; Camerer, CF
Full Name of Authors: Hsu, Ming; Krajbich, Ian; Zhao, Chen; Camerer, Colin F.
Keywords by Author: probability weighting; prospect theory; expected utility theory; fMRI; decision making; reward
Keywords Plus: WEIGHTING FUNCTION; DECISION-MAKING; PROSPECT-THEORY; UTILITY-THEORY; HUMAN BRAIN; UNCERTAINTY; PREDICTION; JUDGMENTS; NUCLEUS; SYSTEMS
Abstract: A widely observed phenomenon in decision making under risk is the apparent overweighting of unlikely events and the underweighting of nearly certain events. This violates standard assumptions in expected utility theory, which requires that expected utility be linear (objective) in probabilities. Models such as prospect theory have relaxed this assumption and introduced the notion of a "probability weighting function," which captures the key properties found in experimental data. This study reports functional magnetic resonance imaging (fMRI) data that neural response to expected reward is nonlinear in probabilities. Specifically, we found that activity in the striatum during valuation of monetary gambles are nonlinear in probabilities in the pattern predicted by prospect theory, suggesting that probability distortion is reflected at the level of the reward encoding process. The degree of nonlinearity reflected in individual subjects' decisions is also correlated with striatal activity across subjects. Our results shed light on the neural mechanisms of reward processing, and have implications for future neuroscientific studies of decision making involving extreme tails of the distribution, where probability weighting provides an explanation for commonly observed behavioral anomalies.
Cate of OECD: Basic medicine
Year of Publication: 2009
Business Area: gamble
Detail Business: gamble
Country: USA
Study Area:
Name of Journal: JOURNAL OF NEUROSCIENCE
Language: English
Country of Authors: [Krajbich, Ian; Camerer, Colin F.] CALTECH, Div Humanities & Social Sci, Pasadena, CA 91125 USA; [Hsu, Ming] Univ Illinois, Beckman Inst Adv Sci & Technol, Urbana, IL 61801 USA; [Hsu, Ming] Univ Illinois, Dept Econ, Urbana, IL 61801 USA; [Zhao, Chen] MIT, Cambridge, MA 02139 USA
Press Adress: Camerer, CF (reprint author), CALTECH, Div Humanities & Social Sci, Pasadena, CA 91125 USA.
Email Address: camerer@hss.caltech.edu
Citaion:
Funding: Gordon and Betty Moore Foundation; Human Frontier Science Program grant
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Number of Citaion: 36
Publication: SOC NEUROSCIENCE
City of Publication: WASHINGTON
Address of Publication: 11 DUPONT CIRCLE, NW, STE 500, WASHINGTON, DC 20036 USA
ISSN: 0270-6474
29-Character Source Abbreviation: J NEUROSCI
ISO Source Abbreviation: J. Neurosci.
Volume: 29
Version: 7
Start of File: 2231
End of File: 2237
DOI: 10.1523/JNEUROSCI.5296-08.2009
Number of Pages: 7
Web of Science Category: Neurosciences
Subject Category: Neurosciences & Neurology
Document Delivery Number: 410EA
Unique Article Identifier: WOS:000263558900027
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