TY - GEN
T1 - Modelling the Integration of Costs and Benefits During Decision Making
AU - Icho, Mounir
AU - Thilakarathne, Dilhan J.
AU - Treur, Jan
PY - 2021
Y1 - 2021
N2 - 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.
AB - 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.
KW - Benefit
KW - Cost
KW - Financial decision making
UR - http://www.scopus.com/inward/record.url?scp=85115147890&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85115147890&partnerID=8YFLogxK
UR - https://www.springer.com/gp/book/9783030382261
U2 - 10.1007/978-3-030-75583-6_22
DO - 10.1007/978-3-030-75583-6_22
M3 - Conference contribution
AN - SCOPUS:85115147890
SN - 9783030755829
T3 - Studies in Computational Intelligence
SP - 227
EP - 237
BT - Decision Economics
A2 - Bucciarelli, Edgardo
A2 - Chen, Shu-Heng
A2 - Corchado, Juan M.
A2 - Parra D., Javier
PB - Springer Science and Business Media Deutschland GmbH
T2 - 2nd International Conference on Decision Economics, DECON 2020
Y2 - 17 June 2020 through 19 June 2020
ER -