Modelling the Integration of Costs and Benefits During Decision Making

Mounir Icho, Dilhan J. Thilakarathne, Jan Treur*

*Corresponding author for this work

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Abstract

In this paper a computational cognitive model for decision making based on cost-benefit comparison is presented. For such decision making, it is required that the bene-fits of an option gets weighed against the costs. The brain weighs costs against benefits by combining reward and loss signals in the brain into a single, difference-based neural representation of net value, which is accumulated over time until the individual decides to accept or reject an option. The presented model integrates such findings of the litera-ture and is able to explain a person’s decision making behaviour through several sce-narios. A general parameter setting was found that is used throughout all the simulation scenarios.
Original languageEnglish
Title of host publicationDecision Economics
Subtitle of host publicationMinds, Machines, and their Society
EditorsEdgardo Bucciarelli, Shu-Heng Chen, Juan M. Corchado, Javier Parra D.
PublisherSpringer Science and Business Media Deutschland GmbH
Pages227-237
Number of pages11
ISBN (Electronic)9783030755836
ISBN (Print)9783030755829
DOIs
Publication statusPublished - 2021
Event2nd International Conference on Decision Economics, DECON 2020 - Virtual, Online
Duration: 17 Jun 202019 Jun 2020

Publication series

NameStudies in Computational Intelligence
Volume990
ISSN (Print)1860-949X
ISSN (Electronic)1860-9503

Conference

Conference2nd International Conference on Decision Economics, DECON 2020
CityVirtual, Online
Period17/06/2019/06/20

Keywords

  • Benefit
  • Cost
  • Financial decision making

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