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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
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Variance After-Effects Distort Risk Perception in Humans.

Elise Payzan-LeNestour1, Bernard W Balleine2, Tony Berrada3

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Area of Science:

  • Cognitive Psychology
  • Neuroscience
  • Behavioral Economics

Background:

  • Decision-making relies on accurate risk perception, often assumed perfect in economic theory.
  • Sensory after-effects, like visual illusions, demonstrate systematic human misrepresentations of the physical world.

Purpose of the Study:

  • To investigate if sensory after-effects influence human variance perception.
  • To determine if these after-effects operate at a cognitive level.

Main Methods:

  • Participants were exposed to visual stimuli with varying levels of variance.
  • Perceived variance was assessed after prolonged exposure to high or low variance conditions.
  • Experiments utilized diverse visual representations of variance.

Main Results:

  • Perceived variance decreased after exposure to high variance stimuli.
  • Perceived variance increased after exposure to low variance stimuli.
  • These after-effects were observed across different visual representations, indicating a high-level cognitive origin.

Conclusions:

  • Variance is an independent cognitive property, not solely a sensory one.
  • After-effects significantly distort risk perception, posing a challenge to established economic theories and practices.