Abstract
In this paper we computationally examine how subjective experience may help or harm the decision maker's learning under uncertain outcomes, frames and their interactions. To model subjective experience, we propose the "experienced-utility function" based on a prospect theory (PT)-based parameterized subjective value function. Our analysis and simulations of two-armed bandit tasks present that the task domain (underlying outcome distributions) and framing (reference point selection) influence experienced utilities and in turn, the "subjective discriminability" of choices under uncertainty. Experiments demonstrate that subjective discriminability improves on objective discriminability by the use of the experienced-utility function with appropriate framing for a given task domain, and that bigger subjective discriminability leads to more optimal decisions in learning under uncertainty.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
More From: Proceedings of the AAAI Conference on Artificial Intelligence
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.