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Related Experiment Video

Updated: Mar 30, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

Published on: September 19, 2012

Evidence for surprise minimization over value maximization in choice behavior.

Philipp Schwartenbeck^1,2,3,4, Thomas H B FitzGerald^1,4, Christoph Mathys^1,4

¹The Wellcome Trust Centre for Neuroimaging, UCL, 12 Queen Square, London, WC1N 3BG, UK.

Scientific Reports

|November 14, 2015

Summary

Human decision-making is better explained by surprise minimization than by maximizing utility. This suggests agents aim to keep options open by maximizing entropy, not just seeking rewards.

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Area of Science:

Cognitive Science
Neuroeconomics
Behavioral Economics

Background:

Classical economic models assume choices maximize utility or reward.
Adaptive behavior may involve modeling environments and minimizing surprise.
A discrepancy exists between purely economic and belief-based motivations in decision-making.

Purpose of the Study:

To propose and test surprise minimization as a more accurate model of choice behavior than utility maximization.
To investigate whether agents actively seek to maximize entropy and 'keep their options open'.

Main Methods:

A simple binary choice paradigm was used to test decision-making.
Human participants' choices were analyzed.
A control task without explicit utilities was employed to replicate findings.

Main Results:

Surprise minimization provided a better account of choice behavior than utility maximization.
Participants demonstrated entropy-seeking behavior, consistent with keeping options open.
This behavior was replicated in a task devoid of explicit reward structures.

Conclusions:

Surprise minimization, rather than solely utility maximization, is a key driver of choice behavior.
Belief-based motivations, such as minimizing surprise and maximizing entropy, are crucial for understanding decision-making.
Economic models may need to incorporate these belief-based factors for greater accuracy.