Related Experiment Video
Updated: Aug 7, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Optimal choice
Abstract:
We present a classification and theoretical analysis of discrete-trial and free-operant choice procedures in which reinforcement is assigned to one alternative only, or independently to both, is either always available or conditionally available, and is either "held" or not from trial to trial. Momentary-maximizing and (globally) optimal choice sequences are defined in terms of initializing and marker events. Free-operant choice is analyzed in terms of a clock space whose axes are the times since the last A and B choices. The analysis shows that most molar matching data are derivable from momentary maximizing, and that the momentary-maximizing hypothesis has not been adequately tested in either discrete-trial or free-operant situations.
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