著者

Takahashi Taiki

出版者

Elsevier B.V.

雑誌

Physica A : Statistical Mechanics and its Applications (ISSN:03784371)

巻号頁・発行日

vol.390, no.5, pp.902-905, 2011-03-01

被引用文献数

28

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A probability weighting function w(p) for an objective probability p in decision under risk plays a pivotal role in Kahneman-Tversky's prospect theory. Although recent studies in econophysics and neuroeconomics widely utilized probability weighting functions, psychophysical foundations of the probability weighting functions have been unknown. Notably, a behavioral economist Prelec (1998) axiomatically derived the probability weighting function: w(p) = exp(-(-In p)α) (0 < α < 1; w (0) = 1, w(1/e) = 1/e, w(1) = 1), which has extensively been studied in behavioral neuroeconomics. The present study utilizes psychophysical theory to derive Prelec's probability weighting function from psychophysical laws of perceived waiting time in probabilistic choices. Also, the relations between the parameters in the probability weighting function and the probability discounting function in behavioral psychology are derived. Future directions in the application of the psychophysical theory of the probability weighting function in econophysics and neuroeconomics are discussed.

著者

Cruz Rambaud Salvador Munoz Torrecillas Maria J. Takahashi Taiki

出版者

Frontiers Media

雑誌

Frontiers in pharmacology (ISSN:16639812)

巻号頁・発行日

vol.8, pp.416, 2017-06-29

被引用文献数

11

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The aim of this paper is to find a suitable discount function able to describe the progression of a certain addiction or disease under treatment as a discounting process. In effect, a certain indicator related to a disease decays over time in a manner which is mathematically similar to the way in which discounting has been modeled. We analyze the discount functions observed in experiments which study addictive and other problematic behaviors as well as some alternative hyperbola-like discount functions in order to fit the patience exhibited by the subject after receiving the treatment. Additionally, it has been experimentally found that people with addiction display high rates of discount (impatience) and preference reversals (dynamic inconsistency). This excessive discounting must be correctly modeled by a suitable discount function, otherwise, it can become a trans-disease process underlying addiction and other disorders. The (generalized) exponentiated hyperbolic discount function is proposed to describe the progression of a disease with respect to the treatment, since it maintains the property of inconsistency by exhibiting a decreasing discount rate after an initial period in which the opposite occurs.