Optimism as a Prior Belief about the Probability of Future Reward

Aistis Stankevicius, Quentin J M Huys, Aditi Kalra and Peggy Seriès

PLOS Computational Biology, 2014, vol. 10, issue 5, 1-9

Abstract: Optimists hold positive a priori beliefs about the future. In Bayesian statistical theory, a priori beliefs can be overcome by experience. However, optimistic beliefs can at times appear surprisingly resistant to evidence, suggesting that optimism might also influence how new information is selected and learned. Here, we use a novel Pavlovian conditioning task, embedded in a normative framework, to directly assess how trait optimism, as classically measured using self-report questionnaires, influences choices between visual targets, by learning about their association with reward progresses. We find that trait optimism relates to an a priori belief about the likelihood of rewards, but not losses, in our task. Critically, this positive belief behaves like a probabilistic prior, i.e. its influence reduces with increasing experience. Contrary to findings in the literature related to unrealistic optimism and self-beliefs, it does not appear to influence the iterative learning process directly.Author Summary: The optimism bias is regarded as one of the most prevalent and robust cognitive biases documented in psychology and behavioral economics. In individuals, trait optimism is usually measured using self-report questionnaires. However, choices in simple behavioral tasks can also be used to infer how optimistic people are in practice. We asked human subjects to fill in questionnaires about trait optimism, then to participate in a behavioral experiment where they needed to infer the likelihood of visual targets to be associated with a reward. Using modeling, we could then quantify the link between self-report trait optimism and decision or learning biases. We find that people who report that they are optimistic have a positive a priori bias on the likelihood of future reward, whose influence reduces with experience. In our task, trait optimism doesn't distort how new information is integrated: subjects update their estimates similarly following information that is better or worse than expected.

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pcbi00:1003605

DOI: 10.1371/journal.pcbi.1003605

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