Abstract

http://ssrn.com/abstract=2143215
 
 

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Neural Random Utility: Relating Cardinal Neural Observables to Stochastic Choice Behaviour'


Ryan Webb


University of Toronto

Paul W. Glimcher


New York University (NYU) - Center for Neuroeconomics

Ifat Levy


Yale University - School of Medicine

Stephanie C. Lazzaro


University College London - Institute of Cognitive Neuroscience

Robb B. Rutledge


University College London - Wellcome Trust Centre for Neuroimaging

January 11, 2016


Abstract:     
We assess whether a cardinal model can be used to relate neural observables to stochastic choice behaviour. We develop a general empirical framework for relating any neural observable to choice prediction, and propose a means of bench-marking 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 behaviour, 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, severely limiting their inferential and predictive performance.

Number of Pages in PDF File: 41

Keywords: Neuroeconomics, Measured Value Methods, Random Utility, fMRI, BOLD, Stochastic Choice

JEL Classification: D87


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Date posted: September 7, 2012 ; Last revised: April 5, 2016

Suggested Citation

Webb, Ryan and Glimcher, Paul W. and Levy, Ifat and Lazzaro, Stephanie C. and Rutledge, Robb B., Neural Random Utility: Relating Cardinal Neural Observables to Stochastic Choice Behaviour' (January 11, 2016). Available at SSRN: http://ssrn.com/abstract=2143215 or http://dx.doi.org/10.2139/ssrn.2143215

Contact Information

Ryan Webb (Contact Author)
University of Toronto ( email )
105 St. George Street
Toronto, Ontario M5S 3E6
Canada

Paul W. Glimcher
New York University (NYU) - Center for Neuroeconomics ( email )
4 Washington Place, Room 809
New York, NY 10003
United States
Ifat Levy
Yale University - School of Medicine ( email )
Department of Psychiatry
New Haven, CT 06520-8034
United States
Stephanie C. Lazzaro
University College London - Institute of Cognitive Neuroscience ( email )
17 Queen Square
London WC1N 3AR
United Kingdom
Robb B. Rutledge
University College London - Wellcome Trust Centre for Neuroimaging ( email )
London, WC1N3BG
United Kingdom
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