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Attraction Effect in Risky Choice Can Be Explained by Subjective Distance Between Choice Alternatives
Peter N C Mohr1,2,3, Hauke R Heekeren4,5, Jörg Rieskamp6
1Neuroeconomics, School of Business and Economics, Freie Universität Berlin, 14195, Berlin, Germany. peter.mohr@neuroeconomics-lab.de.
Scientific Reports
|August 23, 2017
Summary
People often violate decision-making independence, even under risk. A new model, Multialternative Decision Field Theory (MDFT), explains these preference shifts and links them to brain activity in the medial orbitofrontal cortex and anterior insula.
Area of Science:
- Cognitive Neuroscience
- Decision Science
- Neuroeconomics
Background:
- Standard economic models assume independent evaluation of choice options.
- Evidence shows independence is often violated in decisions without risk.
- This study investigates independence violations in decision-making under risk.
Purpose of the Study:
- To extend findings on independence violations to decisions under risk.
- To explain observed preference shifts using a sequential sampling model.
- To explore the neural correlates of evidence accumulation in risky choice.
Main Methods:
- Adapted Multialternative Decision Field Theory (MDFT) for decision-making under risk.
- Compared MDFT predictions with standard Expected Utility Theory.
- Correlated brain activity in medial orbitofrontal cortex (mOFC) and anterior insula (aINS) with model predictions.
Main Results:
- MDFT provided a better prediction of choices than Expected Utility Theory.
- MDFT explained individual differences in context effect size.
- Evidence for the chosen option correlated with mOFC activity (positive) and aINS activity (negative).
Conclusions:
- MDFT successfully accounts for independence violations in risky decision-making.
- Neural activity in mOFC and aINS reflects evidence accumulation for the best option, not just individual option value or risk.
- Findings advance understanding of neural mechanisms underlying complex choices under uncertainty.
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