Researchers have developed Dynamic Prospect Theory, which integrates the most popular model in behavioral economics prospect theory and a well-established model from neuroscience reinforcement learning theory. In doing so, they created a dynamic model that successfully explains decision-to-decision changes in the gambling behavior of humans and monkeys. In particular, they found that after unexpected wins both humans and monkeys tend to behave as if they thought that they are more likely to win again.
Surprising Successes in Humans and Monkeys Boost Risk-Taking miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
Researchers at the University of Tsukuba report two areas of the monkey brain that represent expected value when making economic decisions. Analyses showed that neuronal activity in the VS and the cOFC provided stable representations of expected value, while other regions that are part of the reward network in the brain did not. State-space analysis revealed that the way expected value was represented over time differed in these two areas.