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Updated: May 11, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
The cognitive economy: the probabilistic turn in psychology and human cognition
1Department of Psychology, Kingston University London, London KT1 2EE, United Kingdom. p.kusev@kingston.ac.uk
Abstract:
According to the foundations of economic theory, agents have stable and coherent "global" preferences that guide their choices among alternatives. However, people are constrained by information-processing and memory limitations and hence have a propensity to avoid cognitive load. We propose that this in turn will encourage them to respond to "local" preferences and goals influenced by context and memory representations.
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