Most studies assessing decision-making under uncertainty use events with probabilities that are above 10-20 %. Here, to study decision-making in radical uncertainty conditions, we provide a novel experimental design that aims at measuring the extent to which rats are sensitive - and how they respond - to extremely rare (below 1% of probability) but extreme events in a four-armed bandit task. Gains (sugar pellets) and losses (time-out punishments) are such that large - but rare - values materialize or not depending on the option chosen. The results show that all rats diversify their choices across options. However, most rats exhibit sensitivity to rare and extreme events despite their sparse occurrence, by combining more often options with extreme gains (Jackpots) and/or avoidance of extreme losses (Black Swans). In general, most rats’ choices feature one-sided sensitivity in favor of trying more often to avoid extreme losses than to seek extreme gains - that is, they feature Black Swan Avoidance.
Präsenz-Veranstaltung 31.01.2023 17:15 - 18:45
VeranstalterIn
Veranstaltungsort:
Teilnahme
Stéphane Luchini (Centre National de la Recherche Scientifique- Aix Marseille School of Economics): "Decision-Making in Rats is Sensitive to Rare and Extreme Events: The Black Swan Avoidance"
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