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Tag Archives: Decision-Making
The Sub-proportionality of Subjective Probability Weighting in Poker
by William Clark Abstract This study uses Texas Hold’em poker to investigate decision making under uncertainty and the concept of probability weighting, where individuals may overvalue or undervalue uncertain outcomes. I conduct an experiment to assess Cumulative Prospect Theory’s relevance to subjective probabilities in poker by simplifying the game to compare complex and simple gamble […]
A computational model of food choice: Utility optimization through external cuing and heuristic search
By Lucie Yang The field of economics tends to view decision-making through a lens of assumed rationality and utility maximization. Unfortunately, choices in reality tend to be more complicated than perfect conscious value assignment. One such type of decision-making is food choice, which incorporates not only many inherent values (health, taste, price, energy), but also […]
