Abstract

We experimentally test a theory of risky choice in which the perception of a lottery payoff is noisy due to information processing constraints in the brain. We model perception using the principle of efficient coding, which implies that perception is most accurate for those payoffs that occur most frequently. Across two preregistered laboratory experiments, we manipulate the distribution from which payoffs in the choice set are drawn. In our first experiment, we find that risk taking is more sensitive to payoffs that are presented more frequently. In a follow-up task, we incentivize subjects to classify which of two symbolic numbers is larger. Subjects exhibit higher accuracy and faster response times for numbers they have observed more frequently. In our second experiment, we manipulate the payoff distribution so that efficient coding modulates the strength of valuation biases. As we experimentally increase the frequency of large payoffs, we find that subjects perceive the upside of a risky lottery more accurately and take greater risk. Together, our experimental results suggest that risk taking depends systematically on the payoff distribution to which the decision maker’s perceptual system has recently adapted. More broadly, our findings highlight the importance of imprecise and efficient coding in economic decision making.

中文翻译：

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高效的编码和冒险的选择*

摘要

我们通过实验测试了一种风险选择理论，在该理论中，由于大脑中的信息处理限制，对彩票收益的感知是嘈杂的。我们使用高效编码原理对感知进行建模，这意味着对于那些最频繁发生的收益，感知是最准确的。在两个预先注册的实验室实验中，我们操纵了从中得出选择集中收益的分布。在我们的第一个实验中，我们发现冒险对更频繁出现的回报更敏感。在后续任务中，我们激励受试者对两个符号数字中的哪一个更大进行分类。受试者对他们更频繁地观察到的数字表现出更高的准确性和更快的响应时间。在我们的第二个实验中，我们操纵收益分布，以便有效的编码调节估值偏差的强度。随着我们通过实验增加大额支付的频率，我们发现受试者更准确地感知风险彩票的好处并承担更大的风险。总之，我们的实验结果表明，风险承担系统地取决于决策者的感知系统最近适应的收益分布。更广泛地说，我们的研究结果强调了不精确和有效编码在经济决策中的重要性。我们的实验结果表明，风险承担系统地取决于决策者的感知系统最近适应的收益分布。更广泛地说，我们的研究结果强调了不精确和有效编码在经济决策中的重要性。我们的实验结果表明，风险承担系统地取决于决策者的感知系统最近适应的收益分布。更广泛地说，我们的研究结果强调了不精确和有效编码在经济决策中的重要性。