Value-Based Decision-Making Under Risk and Uncertainty¶
Scope: Choice among options that differ in subjective value: valuation, value-based decision making, choice commitment, delay discounting, intertemporal choice, probability judgment, risk processing.
Out of scope: Reward learning (Associative Learning and Reinforcement).
Note
Open issues: None open.
This category contains 7 processes.
Choice commitment¶
Process ID: hed_choice_commitment
The act of locking in a selected option once accumulated evidence or value crosses a decision boundary; measured by response-time distributions, drift-diffusion boundary parameters, and motor preparation signatures.
Tasks that engage this process: none in the current Catalog.
Fundamental references
Ratcliff R (1978) Psychological Review 85:59-108 (DOI)
Link SW & Heath RA (1975) Psychometrika 40:77-105 (DOI)
Further references
Delay discounting¶
Process ID: hed_delay_discounting
Also known as: temporal discounting
Devaluation of a reward as a function of the delay to its receipt, typically hyperbolic.
Tasks that engage this process: Delay Discounting Task
Further references
Intertemporal choice¶
Process ID: hed_intertemporal_choice
Also known as: intertemporal decision making
Choice among options that differ in timing of outcomes; choice between smaller-sooner and larger-later.
Tasks that engage this process: Delay Discounting Task
Fundamental references
Ainslie (1975) Psychological Bulletin 82:463–496 (DOI)
Further references
Probability judgment¶
Process ID: hed_probability_judgment
Also known as: probability estimation
Estimation of likelihoods of events, often deviating from normative Bayes.
Tasks that engage this process: Causal Learning Task
Fundamental references
Tversky & Kahneman (1974) Science 185:1124–1131 (DOI)
Risk processing¶
Process ID: hed_risk_processing
Also known as: Risky decision making - Names the task class rather than the cognitive operation.
Neural and behavioral evaluation of outcome uncertainty.
Tasks that engage this process: Balloon Analog Risk Task, Iowa Gambling Task, Trust Game Task
Fundamental references
Knutson, Adams, Fong & Hommer (2001) Journal of Neuroscience 21:RC159 (DOI)
Further references
Mohr, Biele & Heekeren (2010) Journal of Neuroscience 30:6613–6619 (DOI)
Valuation¶
Process ID: hed_valuation
Assignment of a subjective value to a prospective option, integrating reward magnitude, probability, delay, and effort; indexed by willingness-to-pay, subjective ratings, and value-coded neural signals in vmPFC and striatum.
Tasks that engage this process: Delay Discounting Task, Dictator Game Task, Effort-Based Decision-Making Task, Ultimatum Game Task
Further references
Value-based decision making¶
Process ID: hed_value_based_decision_making
Also known as: value-based choice
Choice among options that differ in subjective value, computed across attributes.
Tasks that engage this process: Balloon Analog Risk Task, Delay Discounting Task, Effort-Based Decision-Making Task, Iowa Gambling Task, Multi-Armed Bandit Task, Two-Stage Decision Task
Fundamental references
Further references