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The role of the orbitofrontal cortex in human adaptive learning under strategic environments

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  • Kazuhiro Miyagawa

    ()
    (Graduate School of Economics, Hitotsubashi University)

  • Tadanobu Misawa

    ()
    (Graduate School of Science and Engineering, University of Toyama)

  • Tetsuya Shimokawa

    ()
    (School of Management, Tokyo University of Science)

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    Abstract

    This paper proposes an augmented learning model from a neuroscience perspective. This model contains brain activity data of the orbitofrontal cortex as a predictive variable of human strategic behavior. A Bayesian 3-layer perceptron, which shows the complex relationship between decision factors, was adopted to describe the learning behavior. However, the model's complexity creates the possibility of over tting. To avoid this problem, we adopt the Bayesian estimation and Akaike's Bayesian information criteria, which provide the statistical basis of the model selection, to select the model. Our experience shows that this model can better predict human strategic behavior than do existing behavioral learning models.

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    File URL: http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I3-P207.pdf
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    Bibliographic Info

    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 31 (2011)
    Issue (Month): 3 ()
    Pages: 2284-2297

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    Handle: RePEc:ebl:ecbull:eb-11-00201

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    Related research

    Keywords: neuroeconomics; learning model; orbitofrontal cortex; neural network;

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    1. Knutson, Brian & Peterson, Richard, 2005. "Neurally reconstructing expected utility," Games and Economic Behavior, Elsevier, vol. 52(2), pages 305-315, August.
    2. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
    3. Camelia Kuhnen & Brian Knutson, 2005. "The Neural Basis of Financial Risk Taking," Experimental 0509001, EconWPA.
    4. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    5. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
    6. Tyran, Jean-Robert, 2003. "Behavioral Game Theory. Experiments in Strategic Interaction: Colin F. Camerer, Princeton University Press, Princeton, New Jersey, 2003, p. 550, Price $65.00/[UK pound]42.95, ISBN 0-691-09039-4," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 32(6), pages 717-720, December.
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