Related Experiment Video
Updated: Jun 17, 2025
Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Beyond discrete-choice options
Amir Hosein Hadian Rasanan1, Nathan J Evans2, Laura Fontanesi1
1Department of Psychology, University of Basel, Missionsstrasse 62A, 4055, Basel, Switzerland.
Abstract:
While decision theories have evolved over the past five decades, their focus has largely been on choices among a limited number of discrete options, even though many real-world situations have a continuous-option space. Recently, theories have attempted to address decisions with continuous-option spaces, and several computational models have been proposed within the sequential sampling framework to explain how we make a decision in continuous-option space. This article aims to review the main attempts to understand decisions on continuous-option spaces, give an overview of applications of these types of decisions, and present puzzles to be addressed by future developments.
Related Concept Videos
01:09Decision Making: P-value Method
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim is also stated. These statements can act as null and alternative hypotheses: a null hypothesis would be a neutral statement while the alternative hypothesis can...
01:14Decision Making: Traditional Method
First, a specific claim about the population parameter is decided based on the research question and is stated in a simple form. Further, an opposing statement to this claim is also stated. These statements can act as null and alternative hypotheses, out of which a null hypothesis would be a...
01:38Cognitive Dissonance
01:37Reason and Intuition
03:26Framing Effects
02:01Factorial Design