Context-Dependent Risk Aversion: A Model-Based Approach.

ABSTRACT: Most research on risk aversion in behavioral science with human subjects has focused on a component of risk aversion that does not adapt itself to context. More recently, studies have explored risk aversion adaptation to changing circumstances in sequential decision-making tasks. It is an open question whether one can identify evidence, at the single subject level, for such risk aversion adaptation. We conducted a behavioral experiment on human subjects, using a sequential decision making task. We developed a model-based approach for estimating the adaptation of risk-taking behavior with single-trial resolution by modeling a subject's goals and internal representation of task contingencies. Using this model-based approach, we estimated the subject-specific adaptation of risk aversion depen

SUBMITTER: Cuevas Rivera D 

PROVIDER: S-EPMC6212575 | biostudies-literature | 2018

REPOSITORIES: biostudies-literature