TB4 Lecture 4; Decision making and the brain

The main objectives in this lecture are;

  • Expected value v.s expected utility
  • Reward and the brain
  • Temporal discounting
  • Social decision making
  • Heuristics in decision making
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  • Created by: mint75
  • Created on: 25-05-15 17:59

1. What is expected utility?

  • The psychological as opposed to economic value assigned to an outcome (e.g happiness with getting 50,000 or 100,000)
  • The probability of the outcome x associated reward (e.g 100% chance of getting 50 - 1/1 x 50 = £50)
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Other questions in this quiz

2. What is probability weighting?

  • The tendency for people to strongly acquiring gains than avoiding loss
  • The tendency for people to underestimate the chances of high probability events (a coin toss) and overestimate low probability events (the lottery)
  • The tendency for compulsive gambling to start after a traumatic loss type event
  • The tendency for people to strongly prefer avoiding loss than acquiring gains

3. Which of these is NOT a primary reinforcer?

  • Water
  • ***
  • Money
  • Food

4. Dopamine neurons in which 4 areas are linked to rewards?

  • Ventromedial pFC, Nucleus accumbens, Dorsal-tegmental area, substantianigra
  • pFC, Nucleus accumbens, Dorsal-tegmental area, substantianigra
  • Ventromedial pFC, Nucleus accumbens, Ventral-tegmental area, substantianigra
  • pFC, Nucleus accumbens, Ventral-tegmental area, substantianigra

5. What two concepts were added to expected utility by prospect theory?

  • Reference dependence (making decisions in terms of anticipated gains/loss compared to current state), probability weighting (probability is perceived highly subjectively, underestimating the chance of high prob. events)
  • Reference dependence (probability is perceived highly subjectively, underestimating the chance of high prob. events), probability weighting (making decisions in terms of anticipated gains/loss compared to current state)
  • Over/underestimation (of high and low probability events) and loss aversion
  • Loss aversion and diminishing marginal effect

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