The description-experience gap in risky choice in nonhuman primates

Psychonomic Bulletin and Review

Volumn 23, Issue 2, 2016, Pages 593-600

  Heilbronner, Sarah R ^a   Hayden, Benjamin Y ^b  

^a UNIVERSITY OF ROCHESTER SCHOOL OF MEDICINE AND DENTISTRY   (United States)

^b UNIVERSITY OF ROCHESTER   (United States)

Author keywords

Animal cognition; Animal learning; Choice behavior; Decision making

Indexed keywords

ANIMAL; ANIMAL BEHAVIOR; DECISION MAKING; GAMBLING; HIGH RISK BEHAVIOR; MALE; PHYSIOLOGY; RHESUS MONKEY;

ANIMALS; BEHAVIOR, ANIMAL; CHOICE BEHAVIOR; GAMBLING; MACACA MULATTA; MALE; RISK-TAKING;

EID: 84939519577     PISSN: 10699384     EISSN: 15315320     Source Type: Journal    
DOI: 10.3758/s13423-015-0924-2     Document Type: Article

References (51)

1. Barron, G., & Erev, I. (2003). Small feedback-based decisions and their limited correspondence to description-based decisions. Journal of Behavioral Decision Making, 16, 215–233.
2. Bateson, M., & Kacelnik, A. (1996). Rate currencies and the foraging starling: the fallacy of the averages revisited. Behavioral Ecology, 7(3), 341–352.
3. Bernoulli, D. (1738). Specimen theoriae novae de mensura sortis (Exposition of a new theory on the measurement of risk). Comentarii Acad. Scient. Petropolis (translated in Econometrica), 5(22), 23–36.
4. Blanchard, T. C., Pearson, J. M., & Hayden, B. Y. (2013). Postreward delays and systematic biases in measures of animal temporal discounting. Proceedings of the National Academy of Science, 110(38), 15491–15496.
5. Blanchard, T. C., Hayden, B. Y., & Bromberg-Martin, E. S. (2015). Orbitofrontal cortex uses distinct codes for different choice attributes in decisions motivated by curiosity. Neuron, 85(3), 602–614.
6. Bromberg-Martin, E. S., & Hikosaka, O. (2009). Midbrain dopamine neurons signal preference for advance information about upcoming rewards. Neuron, 63(1), 119–126.
7. Camilleri, R., & Newell, B R. (2013). Mind the gap? Description, experience, and the continuum of uncertainty in risky choice. In V. S. Chandrasekhar Pammi & N. Srinivasan (Eds.), Progress in Brain Research (Vol. 202): Elsevier, Amsterdam: The Netherlands.
8. Chen, M. K., Lakshminarayanan, V., & Santos, L. (2006). How Basic Are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior. Journal of Political Economy, 114(3), 517–537.
9. Curley, S. P., Yates, J. F., & Abrams, R. A. (1986). Psychological sources of ambiguity avoidance. Organizational Behavior and Human Decision Processes, 38(2), 230–256.
10. De Petrillo, F., Ventricelli, M., Ponsi, G., & Addessi, E. (2015). Do tufted capuchin monkeys play the odds? Flexible risk preferences in Sapajus spp. Animal Cognition, 18, 119–130.
11. Einhorn, H. J., & Hogarth, R. M. (1985). Ambiguity and uncertainty in probabilistic inference. Psychological Review, 92, 433–461.
12. Ellsberg, D. (1961). Risk, Ambiguity, and the Savage Axioms. The Quarterly Journal of Economics, 75(4), 643–669.
13. FitzGerald, T. H. B., Seymour, B., Bach, D. R., & Dolan, R. J. (2010). Differentiable neural substrates for learned and described value and risk. Current Biology, 20(20), 1823–1829.
14. Fox, C. R., & Hadar, L. (2006). “Decisions from experience” = sampling error + prospect theory: Reconsidering Hertwig, Barron, Weber & Erev (2004). Judgment and Decision Making, 1(2), 159–161.
15. Hau, R., Pleskac, T. J., Kiefer, J., & Hertwig, R. (2008). The experience-description gap in risky choice: The role of sample size and experienced probabilities. Journal of Behavioral Decision Making, 21(5), 493–518.
16. Hayden, B. Y., Heilbronner, S. R., Pearson, J. M., & Platt, M. L. (2011). Surprise signals in anterior cingulate cortex: Neuronal encoding of unsigned reward prediction errors driving adjustment in behavior. Journal of Neuroscience, 31(11), 4178–4187.
17. Hayden, B. Y., Heilbronner, S. R., & Platt, M. L. (2010). Ambiguity aversion in rhesus macaques. Frontiers in Neuroscience, 4, 166. doi:10.3389/fnins.2010.00166
18. Hayden, B. Y., Heilbronner, S. R., Nair, A. C., & Platt, M. L. (2008a). Cognitive influences on risk-seeking by rhesus macaques. Judgment and Decision Making, 3(5), 389–395.
19. Hayden, B. Y., Nair, A. C., McCoy, A. N., & Platt, M. L. (2008b). Posterior cingulate cortex mediates outcome-contingent allocation of behavior. Neuron, 60(1), 19–25.
20. Heilbronner, S. R., & Hayden, B. Y. (2013). Contextual factors explain risk-seeking preferences in rhesus monkeys. Frontiers in Neuroscience, 7, 7.
21. Heilbronner, S.R., Hayden, B.Y., & Platt, M.L. (2009). Neuroeconomis of risk-sensitive decision making. In G. Madden & W. Bickel (Eds.), Impulsivity: The Behavioral and Neurological Science of Discounting: American Psychological Association. Washington, DC
22. Heilbronner, S. R., Hayden, B. Y., & Platt, M. L. (2011). Decision salience signals in posterior cingulate cortex. Frontiers in Neuroscience, 5, 55.
23. Heilbronner, S. R., Rosati, A. G., Stevens, J. R., Hare, B., & Hauser, M. D. (2008). A fruit in the hand or two in the bush? Divergent risk preferences in chimpanzees and bonobos. Biology Letters, 4(3), 246–249.
24. Hertwig, R., Barron, G., Weber, E. U., & Erev, I. (2004). Decisions from experience and the effect of rare events in risky choice. Psychological Science, 15(8), 534–539.
25. Hertwig, R., & Erev, I. (2009). The description-experience gap in risky choice. Trends in Cognitive Science, 13(12), 517–523. doi:10.1016/j.tics.2009.09.004
26. Jessup, R. K., Bishara, A. J., & Busemeyer, J. R. (2008). Feedback produces divergence from prospect theory in descriptive choice. Psychological Science, 19(10), 1015–1022.
27. Kahneman, D., & Tversky, A. (1979). Prospect Theory: An analysis of decision under risk. Econometrica, 47, 263–291.
28. Kidd, C., Piantadosi, S. T., & Aslin, R. N. (2012). The Goldilocks effect: Human infants allocate attention to visual sequences that are neither too simple nor too complex. PLoS One, 7(5), e36399.
29. Krupenye, C., Rosati, A. G., & Hare, B. (2015). Bonobos and chimpanzees exhibit human-like framing effects. Biology Letters, 11(2).
30. Ludvig, E. A., Madan, C. R., Pisklak, J. M., & Spetch, M. L. (2014). Reward context determines risky choice in pigeons and humans. Biol Lett, 10(8). doi: 10.1098/rsbl.2014.0451
31. Ludvig, E. A., Madan, C. R., & Spetch, M. L. (2015). Priming memories of past wins induces risk seeking. Journal of Experimental Psychology: General, 144(1), 24–29.
32. Ludvig, E. A., & Spetch, M. L. (2011). Of black swans and tossed coins: Is the description-experience gap in risky choice limited to rare events? PLoS One, 6(6), e20262. doi:10.1371/journal.pone.0020262
33. Madan, C. R., Ludvig, E. A., & Spetch, M. L. (2014). Remembering the best and worst of times: Memories for extreme outcomes bias risky decisions. Psychonomic Bulletin and Review, 21(3), 629–636.
34. McCoy, A. N., & Platt, M. L. (2005). Risk-sensitive neurons in macaque posterior cingulate cortex. Nature Neuroscience, 8(9), 1220–1227.
35. Niv, Y., & Chan, S. (2011). On the value of information and other rewards. Nature Neuroscience, 14(9), 1095–1097.
36. Pearson, J. M., Hayden, B. Y., & Platt, M. L. (2010). Explicit information reduces discounting behavior in Monkeys. Frontiers in Psychology, 1, 237.
37. Pearson, J. M., Hayden, B. Y., Raghavachari, S., & Platt, M. L. (2009). Neurons in posterior cingulate cortex signal exploratory decisions in a dynamic multi-option choice task. Current Biology, 19(18), 1–6.
38. Rachlin, H., Raineri, A., & Cross, D. (1991). Subjective probability and delay. Journal of the Experimental Analysis of Behavior, 55(2), 233–244.
39. Rosati, A. G., & Hare, B. (2011). Chimpanzees and bonobos distinguish between risk and ambiguity. Biology Letters, 7(1), 15–18.
40. Seo, H., & Lee, D. (2009). Behavioral and neural changes after gains and losses of conditioned reinforcers. Journal of Neuroscience, 29(11), 3627–3641.
41. Sharpe, W. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. Journal of Finance, 19, 425.
42. Silberberg, A., Murray, P., Christensen, J., & Asano, T. (1988). Choice in the repeated-gambles experiment. Journal of the Experimental Analysis of Behavior, 50(2), 187–195.
43. So, N. Y., & Stuphorn, V. (2010). Supplementary eye field encodes option and action value for saccades with variable reward. Journal of Neurophysiology, 104(5), 2634–2653.
44. Stauffer, W. R., Lak, A., Bossaerts, P., & Schultz, W. (2015). Economic choices reveal probability distortion in macaque monkeys. Journal of Neuroscience, 35(7), 3146–3154.
45. Strait, C. E., Blanchard, T. C., & Hayden, B. Y. (2014). Reward value comparison via mutual inhibition in ventromedial prefrontal cortex. Neuron, 82(6), 1357–1366.
46. Strait, C. E., Sleezer, B. J., & Hayden, B. Y. (2015). Signatures of value comparison in ventral striatum neurons. PLoS Biology, 13(6), e1002173.
47. Tversky, A., & Kahneman, D. (1981). The framing of decisions and the psychology of choice. Science, 211, 453–458.
48. Ungemach, C., Chater, N., & Stewart, N. (2009). Are probabilities overweighted or underweighted when rare outcomes are experienced (rarely)? Psychological Science, 20(4), 473–479.
49. Wittmann, B. C., Daw, N. D., Seymour, B., & Dolan, R. J. (2008). Striatal activity underlies novelty-based choice in humans. Neuron, 58(6), 967–73.
50. Xu, E. R., & Kralik, J. D. (2014). Risky business: rhesus monkeys exhibit persistent preferences for risky options. Frontiers in Psychology, 5, 258.
51. Yechiam, E., & Busemeyer, J. R. (2006). The effects of foregone payoffs on underweighting small probability events. Journal of Behavioral Decision Making, 19(1), 1–16.