Rationally inattentive intertemporal choice.
Ontology highlight
ABSTRACT:
SUBMITTER: Gershman SJ
PROVIDER: S-EPMC7335105 | biostudies-literature | 2020 Jul
REPOSITORIES: biostudies-literature
Publications
Rationally inattentive intertemporal choice.
Gershman Samuel J SJ Bhui Rahul R
Nature communications 20200703 1
Discounting of future rewards is traditionally interpreted as evidence for an intrinsic preference in favor of sooner rewards. However, temporal discounting can also arise from internal uncertainty in value representations of future events, if one assumes that noisy mental simulations of the future are rationally combined with prior beliefs. Here, we further develop this idea by considering how simulation noise may be adaptively modulated by task demands, based on principles of rational inattent ...[more]
Similar Datasets
Project description:Intertemporal choice involves deciding between smaller, sooner and larger, later rewards. People tend to prefer smaller rewards that are available earlier to larger rewards available later, a phenomenon referred to as temporal or delay discounting. Despite its ubiquity in human and non-human animals, temporal discounting is subject to considerable individual differences. Here, we provide a critical narrative review of this literature and make suggestions for future work. We conclude that temporal discounting is associated with key socio-economic and health-related variables. Regarding personality, large-scale studies have found steeper temporal discounting to be associated with higher levels of self-reported impulsivity and extraversion; however, effect sizes are small. Temporal discounting correlates negatively with future-oriented cognitive styles and inhibitory control, again with small effect sizes. There are consistent associations between steeper temporal discounting and lower intelligence, with effect sizes exceeding those of personality or cognitive variables, although socio-demographic moderator variables may play a role. Neuroimaging evidence of brain structural and functional correlates is not yet consistent, neither with regard to areas nor directions of effects. Finally, following early candidate gene studies, recent Genome Wide Association Study (GWAS) approaches have revealed the molecular genetic architecture of temporal discounting to be more complex than initially thought. Overall, the study of individual differences in temporal discounting is a maturing field that has produced some replicable findings. Effect sizes are small-to-medium, necessitating future hypothesis-driven work that prioritizes large samples with adequate power calculations. More research is also needed regarding the neural origins of individual differences in temporal discounting as well as the mediating neural mechanisms of associations of temporal discounting with personality and cognitive variables.
| S-EPMC8085593 | biostudies-literature
Project description:The laboratory study of how humans and other animals trade-off value and time has a long and storied history, and is the subject of a vast literature. However, despite a long history of study, there is no agreed upon mechanistic explanation of how intertemporal choice preferences arise. Several theorists have recently proposed model-based reinforcement learning as a candidate framework. This framework describes a suite of algorithms by which a model of the environment, in the form of a state transition function and reward function, can be converted on-line into a decision. The state transition function allows the model-based system to make decisions based on projected future states, while the reward function assigns value to each state, together capturing the necessary components for successful intertemporal choice. Empirical work has also pointed to a possible relationship between increased prospection and reduced discounting. In the current paper, we look for direct evidence of a relationship between temporal discounting and model-based control in a large new data set (n?=?168). However, testing the relationship under several different modeling formulations revealed no indication that the two quantities are related.
| S-EPMC5320483 | biostudies-literature
Project description:In intertemporal choices between immediate and delayed rewards, people tend to prefer immediate rewards, often even when the delayed reward is larger. This is known as temporal discounting. It has been proposed that this tendency emerges because immediate rewards are more emotionally arousing than delayed rewards. However, in our previous research, we found no evidence for this but instead found that arousal responses (indexed with pupil dilation) in intertemporal choice are context-dependent. Specifically, arousal tracks the subjective value of the more variable reward option in the paradigm, whether it is immediate or delayed. Nevertheless, people tend to choose the less variable option in the choice task. In other words, their choices are reference-dependent and depend on variance in their recent history of offers. This suggests that there may be a causal relationship between reference-dependent choice and arousal, which we investigate here by reducing arousal pharmacologically using propranolol. Here, we show that propranolol reduces reference-dependence, leading to choices that are less influenced by recent history and more internally consistent.
| S-EPMC5737445 | biostudies-literature
Project description:Intertemporal choice impacts many important outcomes, such as decisions about health, education, wealth, and the environment. However, the psychological processes underlying decisions involving outcomes at different points in time remain unclear, limiting opportunities to intervene and improve people's patience. This research examines information-search strategies used during intertemporal choice and their impact on decisions. In experiment 1, we demonstrate that search strategies vary substantially across individuals. We subsequently identify two distinct search strategies across individuals. Comparative searchers, who compare features across options, discount future options less and are more susceptible to acceleration versus delay framing than integrative searchers, who integrate the features of an option. Experiment 2 manipulates search using an unobtrusive method to establish a causal relationship between strategy and choice, randomly assigning participants to conditions promoting either comparative or integrative search. Again, comparative search promotes greater patience than integrative search. Additionally, when participants adopt a comparative search strategy, they also exhibit greater effects of acceleration versus delay framing. Although most participants reported that the manipulation did not change their behavior, promoting comparative search decreased discounting of future rewards substantially and speeded patient choices. These findings highlight the central role that heterogeneity in psychological processes plays in shaping intertemporal choice. Importantly, these results indicate that theories that ignore variability in search strategies may be inadvertently aggregating over different subpopulations that use very different processes. The findings also inform interventions in choice architecture to increase patience and improve consumer welfare.
| S-EPMC5692544 | biostudies-literature
Project description:In order to optimize outcomes in the face of uncertainty, one must recall past experiences and extrapolate to the future by assigning values to different choice outcomes. This behavior requires an interplay between memory and reward valuation, necessitating communication across many brain regions. At the anatomical nexus of this interplay is the perirhinal cortex (PRC). The PRC is densely connected to the amygdala and orbital frontal cortex, regions that have been implicated in reward-based decision making, as well as the hippocampus. Thus, the PRC could serve as a hub for integrating memory, reward, and prediction. The PRC's role in value-based decision making, however, has not been empirically examined. Therefore, we tested the role of the PRC in a spatial delay discounting task, which allows rats to choose between a 1-s delay for a small food reward and a variable delay for a large food reward, with the delay to the large reward increasing after choice of each large reward and decreasing after each small reward. The rat can therefore adjust the delay by consecutively choosing the same reward or stabilize the delay by alternating between sides. The latter has been shown to occur once the 'temporal cost' of the large reward is established and is a decision-making process termed 'exploitation'. When the PRC was bilaterally inactivated with the GABA(A) agonist muscimol, rats spent fewer trials successfully exploiting to maintain a fixed delay compared to the vehicle control condition. Moreover, PRC inactivation resulted in an increased number of vicarious trial and error (VTE) events at the choice point, where rats had to decide between the two rewards. These behavioral patterns suggest that the PRC is critical for maintaining stability in linking a choice to a reward outcome in the face of a variable cost.
| S-EPMC6591720 | biostudies-literature
Project description:People often have to make decisions between immediate rewards and more long-term goals. Such intertemporal judgments are often investigated in the context of monetary choice or drug use, yet not in regard to aggressive behavior. We combined a novel intertemporal aggression paradigm with functional neuroimaging to examine the role of temporal delay in aggressive behavior and the neural correlates thereof. Sixty-one participants (aged 18-22 years; 37 females) exhibited substantial variability in the extent to which they selected immediate acts of lesser aggression versus delayed acts of greater aggression against a same-sex opponent. Choosing delayed-yet-more-severe aggression was increased by provocation and associated with greater self-control. Preferences for delayed aggression were associated with greater activity in the ventromedial prefrontal cortex (VMPFC) during such choices, and reduced functional connectivity between the VMPFC and brain regions implicated in motor impulsivity. Preferences for immediate aggression were associated with reduced functional connectivity between the VMPFC and the frontoparietal control network. Dispositionally aggressive participants exhibited reduced VMPFC activity, which partially explained and suppressed their preferences for delayed aggression. Blunted VMPFC activity may thus be a neural mechanism that promotes reactive aggression towards provocateurs among dispositionally aggressive individuals. These findings demonstrate the utility of an intertemporal framework for investigating aggression and provide further evidence for the similar underlying neurobiology between aggression and other rewarding behaviors.
| S-EPMC7388593 | biostudies-literature
Project description:Background: The Mediterranean Diet (hereinafter MD) is considered a healthy dietary pattern. Adherence to this pattern can be assessed by means of the KIDMED test by which individuals are assigned an index and classified into three groups of adherence to MD: high, medium, and low. In addition, impulsivity or impatience in intertemporal choice has been defined as a strong preference for small immediate rewards over large delayed ones. Objective: This study examines the relationship between dietary habits, specifically Mediterranean dietary pattern, measured by the KIDMED index, and the exhibited impatience in intertemporal choices, by means of the parameter k (discount rate of the hyperbolic discount function). Methods: A sample of 207 university students answered a questionnaire based on two tests: the KIDMED test, to assess the degree of adherence to MD, and an intertemporal choice questionnaire, to assess impatience or impulsivity. Individuals were grouped depending on their KIDMED score and then the discount rate or impulsivity parameter was calculated for each group. Results: Discount rates were inversely related to the degree of adherence to MD. The values of overall k were 1.53, 1.91, and 3.71% for the groups exhibiting high, medium and low adherence to MD, respectively. We also found higher k-values for larger rewards (magnitude effect) in the three groups. Conclusion: High adherence to MD is related to less steep time discounting, which implies less impulsivity (more self-control) or lower discount rates. Conversely, low adherence to MD is related to steeper time discounting, which implies impulsivity or higher discount rates. These findings could be used to identify the target population where policy interventions are needed in order to promote healthier diet habits.
| S-EPMC6013565 | biostudies-literature
Project description:Intertemporal choices involve trade-offs between the value of rewards and the delay before those rewards are experienced. Canonical intertemporal choice models such as hyperbolic discounting assume that reward amount and time until delivery are integrated within each option prior to comparison1,2. An alternative view posits that intertemporal choice reflects attribute-wise processes in which amount and time attributes are compared separately3-6. Here, we use multi-attribute drift diffusion modelling (DDM) to show that attribute-wise comparison represents the choice process better than option-wise comparison for intertemporal choice in a young adult population. We find that, while accumulation rates for amount and time information are uncorrelated, the difference between those rates predicts individual differences in patience. Moreover, patient individuals incorporate amount earlier than time into the decision process. Using eye tracking, we link these modelling results to attention, showing that patience results from a rapid, attribute-wise process that prioritizes amount over time information. Thus, we find converging evidence that distinct evaluation processes for amount and time determine intertemporal financial choices. Because intertemporal decisions in the lab have been linked to failures of patience ranging from insufficient saving to addiction7-13, understanding individual differences in the choice process is important for developing more effective interventions.
| S-EPMC8020819 | biostudies-literature
Project description:Neuroimaging studies of decision-making have generally related neural activity to objective measures (such as reward magnitude, probability or delay), despite choice preferences being subjective. However, economic theories posit that decision-makers behave as though different options have different subjective values. Here we use functional magnetic resonance imaging to show that neural activity in several brain regions--particularly the ventral striatum, medial prefrontal cortex and posterior cingulate cortex--tracks the revealed subjective value of delayed monetary rewards. This similarity provides unambiguous evidence that the subjective value of potential rewards is explicitly represented in the human brain.
| S-EPMC2845395 | biostudies-literature
Project description:Decision makers often face choices whose consequences unfold over time. To explore the neural basis of such intertemporal choice behavior, we devised a novel two-alternative choice task with probabilistic reward delivery and contrasted two conditions that differed only in whether the outcome was revealed immediately or after some delay. In the immediate condition, we simply varied the reward probability of each option and the outcome was revealed immediately. In the delay condition, the outcome was revealed after a delay during which the reward probability was governed by a constant hazard rate. Functional imaging revealed a set of brain regions, such as the posterior cingulate cortex, parahippocampal gyri, and frontal pole, that exhibited activity uniquely associated with the temporal aspects of the task. This engagement of the so-called "default network" suggests that during intertemporal choice, decision makers simulate the impending delay via a process of prospection.
| S-EPMC2742332 | biostudies-other