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Neural Random Utility: Relating Cardinal Neural Observables to Stochastic Choice Behavior

Webb, R; Levy, I; Lazzaro, SC; Rutledge, RB; Glimcher, PW; (2019) Neural Random Utility: Relating Cardinal Neural Observables to Stochastic Choice Behavior. Journal of Neuroscience, Psychology, and Economics , 12 (1) pp. 45-72. 10.1037/npe0000101. Green open access

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Abstract

We assess whether a cardinal model can be used to relate neural observables to stochastic choice behavior. We develop a general empirical framework for relating any neural observable to choice prediction and propose a means of benchmarking their predictive power. In a previous study, measurements of neural activity were made while subjects considered consumer goods. Here, we find that neural activity predicts choice behavior with the degree of stochasticity in choice related to the cardinality of the measurement. However, we also find that current methods have a significant degree of measurement error which severely limits their inferential and predictive performance.

Type: Article
Title: Neural Random Utility: Relating Cardinal Neural Observables to Stochastic Choice Behavior
Open access status: An open access version is available from UCL Discovery
DOI: 10.1037/npe0000101
Publisher version: http://dx.doi.org/10.1037/npe0000101
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: Neuroeconomics, Measured Value Methods, Random Utility, fMRI, BOLD, Stochastic Choice, Choice prediction, Measurement error, Valuation
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences > Institute of Cognitive Neuroscience
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > UCL Queen Square Institute of Neurology
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > UCL Queen Square Institute of Neurology > Imaging Neuroscience
URI: https://discovery.ucl.ac.uk/id/eprint/10075382
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