Modelling the Integration of Costs and Benefits During Decision Making

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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 publicationProceedings of the Second International Conference on Decision Economics, DECON'20
PublisherSpringer Nature Switzerland AG
Publication statusAccepted/In press - 23 Mar 2020

Publication series

NameAdvances in Intelligent Systems and Computing
PublisherSpringer-Nature

Bibliographical note

https://www.springer.com/gp/book/9783030382261

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