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• W2327883453 abstract "Event Abstract Back to Event Evidence Accumulation in Economic Decision Making Sebastian Gluth1* and Christian Buchel1 1 University Medical Center Hamburg-Eppendorf, Department of Systems Neuroscience, Germany Evidence accumulation models, such as the Drift-Diffusion-Model (DDM) or the Urgency-Gating-Model (UGM), have been successfully used to understand psychological mechanisms and neural correlates of human perceptual decision making. Its application to the domain of economic decision making, however, has attracted little attention so far. We investigated how people accumulate evidence over time using a multiple-cue interference task, in which successively disclosed cues (stock ratings) predict the value of offers (stocks). Participants were asked to either buy or reject the offered stocks based on the provided information and were rewarded or punished for buying valuable or poor stocks, respectively. They also faced a speed-accuracy tradeoff as disclosure of each cue was coupled with costs. In accordance with predictions from DDM and UGM, we found that the amount of collected information required to reach a decision is a function of accumulated evidence. That is, people responded earlier if evidence for one option (buy/reject) was more obvious. The tendency to react prematurely – reflecting risk readiness – correlated with self-reported novelty seeking (r = .65). Interestingly, model parameters suggested a distortion of probability weighing in our task consistent with predictions from prospect theory. These distortion parameters correlated with distortion parameters (r = .60) derived from a second task, in which participants had to explicitly estimate the probability of winning given that a certain number of cues was disclosed. Our results demonstrate the applicability of evidence accumulation models for investigating mechanisms that guide human economic decision making. Conference: Computations, Decisions and Movement, Giessen, Germany, 19 May - 22 May, 2010. Presentation Type: Poster Presentation Topic: Posters Citation: Gluth S and Buchel C (2010). Evidence Accumulation in Economic Decision Making. Front. Comput. Neurosci. Conference Abstract: Computations, Decisions and Movement. doi: 10.3389/conf.fnins.2010.01.00006 Copyright: The abstracts in this collection have not been subject to any Frontiers peer review or checks, and are not endorsed by Frontiers. They are made available through the Frontiers publishing platform as a service to conference organizers and presenters. The copyright in the individual abstracts is owned by the author of each abstract or his/her employer unless otherwise stated. Each abstract, as well as the collection of abstracts, are published under a Creative Commons CC-BY 4.0 (attribution) licence (https://creativecommons.org/licenses/by/4.0/) and may thus be reproduced, translated, adapted and be the subject of derivative works provided the authors and Frontiers are attributed. For Frontiers’ terms and conditions please see https://www.frontiersin.org/legal/terms-and-conditions. Received: 01 Feb 2010; Published Online: 01 Feb 2010. * Correspondence: Sebastian Gluth, University Medical Center Hamburg-Eppendorf, Department of Systems Neuroscience, Geneva, Germany, sgluth@uke.uni-hamburg.de Login Required This action requires you to be registered with Frontiers and logged in. To register or login click here. Abstract Info Abstract The Authors in Frontiers Sebastian Gluth Christian Buchel Google Sebastian Gluth Christian Buchel Google Scholar Sebastian Gluth Christian Buchel PubMed Sebastian Gluth Christian Buchel Related Article in Frontiers Google Scholar PubMed Abstract Close Back to top Javascript is disabled. Please enable Javascript in your browser settings in order to see all the content on this page." @default.
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• W2327883453 title "Evidence Accumulation in Economic Decision Making" @default.
• W2327883453 doi "https://doi.org/10.3389/conf.fnins.2010.01.00006" @default.
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