The pattern of response allocation when making a selection among several choice alternatives.
Choice behavior – the description of response allocation patterns when making a selection among several choice alternatives, as well as the identification of the choice-underlying psychological and neural mechanisms and their evolutionary origins – has been the topic of study in many scientific disciplines. Economics, mainly micro- and macroeconomics, has generated formal models of choice behavior that are designed to make accurate predictions of (aggregate) human behavior while making as few assumptions as possible and while being agnostic about the choice-underlying mental mechanisms. Psychologists are traditionally more concerned with describing and explaining the observable reality of human decision, but psychological theory is often also tested with animal models as approximations of specific,...
KeywordsUtility Function Anterior Cingulate Cortex Choice Behavior Delay Discount Discount Function
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