Decision-Making Under Uncertainty
All decision-making takes place under uncertainty, even in controlled laboratory circumstances. The Bayesian brain hypothesis, a widely accepted theoretical framework of brain function, prescribes that the brain uses probability distributions to store parameter values, rather than point estimates, and is thus able to use uncertainty on various parameters. This allows for investigating value-based decision-making under natural circumstances when information needs to be extracted from noisy input, and it may also impact on decisions based on propositional information. In this chapter, I present experimental approaches to neural representations of uncertainty in value-based decision-making.
KeywordsOutcome Distribution Expect Utility Theory Ambiguity Aversion White Ball Player Type
I would like to thank Quentin Huys, Marc Guitart Masip, Deborah Talmi and Matthias Staib, for helpful comments on a first draft of this manuscript.
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