A psychophysical model of decision making

B.J. West and P. Grigolini

Physica A: Statistical Mechanics and its Applications, 2010, vol. 389, issue 17, 3580-3587

Abstract: Herein we develop a psychophysical model of decision making based on the difference between objective clock time and the human brain’s perception of time. In this model the utility function is given by the survival probability, which is shown to be a generalized hyperbolic distribution. The parameters of the utility function are fit to intertemporal choice model experimental data and decision making is determined to be a 1/f-noise process.

Keywords: Decision making; Probability; Inverse power law; 1/f noise (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:389:y:2010:i:17:p:3580-3587

DOI: 10.1016/j.physa.2010.03.039

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