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Reference effects on decision-making elicited by previous rewards.

Francesco Rigoli1

  • 1City, University of London, Northampton Square, London EC1V 0HB, UK.

Cognition
|August 7, 2019
PubMed
Summary

Decision-making involves reference effects, where value is relative. This study compares theories on between-choice effects and proposes a new logistic model for subjective value, offering a unified framework.

Keywords:
Context effectDecision-makingReference effectReward prediction errorRisk

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Area of Science:

  • Cognitive Psychology
  • Neuroeconomics
  • Decision Neuroscience

Background:

  • Reference effects influence decision-making, with subjective value assessed relative to context.
  • Within-choice effects arise from simultaneously available options, distinct from between-choice effects.
  • Between-choice effects depend on past reward distributions, with theories like Decision-by-Sampling, Expectation-as-Reference, and Divisive Normalization.

Purpose of the Study:

  • To systematically examine the similarities and differences among existing theories of between-choice reference effects.
  • To address the gap in literature where these theories have been studied in isolation.
  • To propose a novel, unified framework for understanding between-choice reference effects in decision-making.

Main Methods:

  • Comprehensive literature review and comparative analysis of influential theories (Decision-by-Sampling, Expectation-as-Reference, Divisive Normalization).
  • Identification of empirical data limitations for current theories.
  • Development of a new logistic framework model for subjective value, termed the logistic model of subjective value.

Main Results:

  • Current theories individually fail to account for the full spectrum of empirical data on between-choice reference effects.
  • A comparative analysis reveals limitations in existing models.
  • The proposed logistic model of subjective value provides a more comprehensive framework.

Conclusions:

  • No single existing theory adequately explains all between-choice reference effects.
  • The newly proposed logistic model of subjective value offers a compelling and unified framework.
  • This model advances the interpretation of multifaceted between-choice reference effects in decision-making and risky choices.