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.
|Title of host publication||Proceedings of the Second International Conference on Decision Economics, DECON'20|
|Publisher||Springer Nature Switzerland AG|
|Publication status||Accepted/In press - 23 Mar 2020|
|Name||Advances in Intelligent Systems and Computing|