Decision Making under Risk and Ambiguity
Not all uncertain situations are created equally. In particular, economists distinguish between “risky” options – those whose outcome probabilities are fully known – and “ambiguous” options – those whose outcome probabilities are at least partly unknown. As it turns out, people vary substantially in their attitudes to risk and ambiguity, and there is little correlation between risk and ambiguity attitudes across individuals. One set of studies in our lab aims to characterize risk and ambiguity attitudes in various decision domains, to relate these attitudes to clinical symptoms and other personality traits, and to highlight the relevant neural mechanisms.
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We examine decision making under Risk and Ambiguity...
Neural Encoding of Value
How do we choose between various available options? Standards models of choice posit that decision-makers first compute the value of each option and then compare these values to identify the best option. We study how the brain represents value and related measures.
Value Learning Under Uncertainty
Uncertainty is reduced by learning from feedback. How do we learn from positive and negative feedback? How are individual differences in learning related to individual preference and day-to-day behavior? and what are the neural mechanisms that support such learning?