TY - JOUR
T1 - The formation of preference in risky choice
AU - Glickman, Moshe
AU - Sharoni, Orian
AU - Levy, Dino J.
AU - Niebur, Ernst
AU - Stuphorn, Veit
AU - Usher, Marius
N1 - Publisher Copyright:
Copyright: © 2019 Glickman et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
PY - 2019
Y1 - 2019
N2 - A key question in decision-making is how people integrate amounts and probabilities to form preferences between risky alternatives. Here we rely on the general principle of integration-to-boundary to develop several biologically plausible process models of risky-choice, which account for both choices and response-times. These models allowed us to contrast two influential competing theories: i) within-alternative evaluations, based on multiplicative interaction between amounts and probabilities, ii) within-attribute comparisons across alternatives. To constrain the preference formation process, we monitored eye-fixations during decisions between pairs of simple lotteries, designed to systematically span the decision-space. The behavioral results indicate that the participants' eye-scanning patterns were associated with risk-preferences and expected-value maximization. Crucially, model comparisons showed that within-alternative process models decisively outperformed within-attribute ones, in accounting for choices and response-times. These findings elucidate the psychological processes underlying preference formation when making risky-choices, and suggest that compensatory, within-alternative integration is an adaptive mechanism employed in human decision-making.
AB - A key question in decision-making is how people integrate amounts and probabilities to form preferences between risky alternatives. Here we rely on the general principle of integration-to-boundary to develop several biologically plausible process models of risky-choice, which account for both choices and response-times. These models allowed us to contrast two influential competing theories: i) within-alternative evaluations, based on multiplicative interaction between amounts and probabilities, ii) within-attribute comparisons across alternatives. To constrain the preference formation process, we monitored eye-fixations during decisions between pairs of simple lotteries, designed to systematically span the decision-space. The behavioral results indicate that the participants' eye-scanning patterns were associated with risk-preferences and expected-value maximization. Crucially, model comparisons showed that within-alternative process models decisively outperformed within-attribute ones, in accounting for choices and response-times. These findings elucidate the psychological processes underlying preference formation when making risky-choices, and suggest that compensatory, within-alternative integration is an adaptive mechanism employed in human decision-making.
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U2 - 10.1371/journal.pcbi.1007201
DO - 10.1371/journal.pcbi.1007201
M3 - Article
C2 - 31465438
AN - SCOPUS:85072133446
SN - 1553-734X
VL - 15
JO - PLoS computational biology
JF - PLoS computational biology
IS - 8
M1 - e1007201
ER -