Work

The Q-Exponential Decay of Subjective Probability for Future Reward: A Psychophysical Time Approach

Year: 2014

Type: article

Abstract: This study experimentally examined why subjective probability for delayed reward decays non-exponentially (“hyperbolically”, i.e., q ˂ 1 in the q-exponential discount function) in humans. Our results indicate that nonlinear psychophysical time causes hyperbolic time-decay of subjective probability for delayed reward. Implications for econophysics and neuroeconomics are discussed.

Source: Entropy

DOI: 10.3390/e16105537

Authors: Taiki Takahashi, Shinsuke Tokuda, Masato Nishimura, Ryo Kimura

Language: English

Topic: Decision-Making and Behavioral Economics

Subfield: General Decision Sciences

Field: Decision Sciences

Domain: Social Sciences

Open Access status: gold

Estimated APC paid: $3,137

Funders: Ministry of Education, Culture, Sports, Science and Technology, Japan Society for the Promotion of Science

Awards: G1037160702, G8443671211