Ergodicity-breaking reveals time optimal decision making in humans.

Ergodicity describes an equivalence between the expectation value and the time average of observables. Applied to human behaviour, ergodic theories of decision-making reveal how individuals should tolerate risk in different environments. To optimize wealth over time, agents should adapt their utilit...

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Autores principales:	David Meder, Finn Rabe, Tobias Morville, Kristoffer H Madsen, Magnus T Koudahl, Ray J Dolan, Hartwig R Siebner, Oliver J Hulme
Formato:	article
Lenguaje:	EN
Publicado:	Public Library of Science (PLoS) 2021
Materias:	Biology (General) QH301-705.5
Acceso en línea:	https://doaj.org/article/3f81d59034f04af88508dbf03b964a20
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spelling	oai:doaj.org-article:3f81d59034f04af88508dbf03b964a202021-12-02T19:57:49ZErgodicity-breaking reveals time optimal decision making in humans.1553-734X1553-735810.1371/journal.pcbi.1009217https://doaj.org/article/3f81d59034f04af88508dbf03b964a202021-09-01T00:00:00Zhttps://doi.org/10.1371/journal.pcbi.1009217https://doaj.org/toc/1553-734Xhttps://doaj.org/toc/1553-7358Ergodicity describes an equivalence between the expectation value and the time average of observables. Applied to human behaviour, ergodic theories of decision-making reveal how individuals should tolerate risk in different environments. To optimize wealth over time, agents should adapt their utility function according to the dynamical setting they face. Linear utility is optimal for additive dynamics, whereas logarithmic utility is optimal for multiplicative dynamics. Whether humans approximate time optimal behavior across different dynamics is unknown. Here we compare the effects of additive versus multiplicative gamble dynamics on risky choice. We show that utility functions are modulated by gamble dynamics in ways not explained by prevailing decision theories. Instead, as predicted by time optimality, risk aversion increases under multiplicative dynamics, distributing close to the values that maximize the time average growth of in-game wealth. We suggest that our findings motivate a need for explicitly grounding theories of decision-making on ergodic considerations.David MederFinn RabeTobias MorvilleKristoffer H MadsenMagnus T KoudahlRay J DolanHartwig R SiebnerOliver J HulmePublic Library of Science (PLoS)articleBiology (General)QH301-705.5ENPLoS Computational Biology, Vol 17, Iss 9, p e1009217 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Biology (General) QH301-705.5
spellingShingle	Biology (General) QH301-705.5 David Meder Finn Rabe Tobias Morville Kristoffer H Madsen Magnus T Koudahl Ray J Dolan Hartwig R Siebner Oliver J Hulme Ergodicity-breaking reveals time optimal decision making in humans.
description	Ergodicity describes an equivalence between the expectation value and the time average of observables. Applied to human behaviour, ergodic theories of decision-making reveal how individuals should tolerate risk in different environments. To optimize wealth over time, agents should adapt their utility function according to the dynamical setting they face. Linear utility is optimal for additive dynamics, whereas logarithmic utility is optimal for multiplicative dynamics. Whether humans approximate time optimal behavior across different dynamics is unknown. Here we compare the effects of additive versus multiplicative gamble dynamics on risky choice. We show that utility functions are modulated by gamble dynamics in ways not explained by prevailing decision theories. Instead, as predicted by time optimality, risk aversion increases under multiplicative dynamics, distributing close to the values that maximize the time average growth of in-game wealth. We suggest that our findings motivate a need for explicitly grounding theories of decision-making on ergodic considerations.
format	article
author	David Meder Finn Rabe Tobias Morville Kristoffer H Madsen Magnus T Koudahl Ray J Dolan Hartwig R Siebner Oliver J Hulme
author_facet	David Meder Finn Rabe Tobias Morville Kristoffer H Madsen Magnus T Koudahl Ray J Dolan Hartwig R Siebner Oliver J Hulme
author_sort	David Meder
title	Ergodicity-breaking reveals time optimal decision making in humans.
title_short	Ergodicity-breaking reveals time optimal decision making in humans.
title_full	Ergodicity-breaking reveals time optimal decision making in humans.
title_fullStr	Ergodicity-breaking reveals time optimal decision making in humans.
title_full_unstemmed	Ergodicity-breaking reveals time optimal decision making in humans.
title_sort	ergodicity-breaking reveals time optimal decision making in humans.
publisher	Public Library of Science (PLoS)
publishDate	2021
url	https://doaj.org/article/3f81d59034f04af88508dbf03b964a20
work_keys_str_mv	AT davidmeder ergodicitybreakingrevealstimeoptimaldecisionmakinginhumans AT finnrabe ergodicitybreakingrevealstimeoptimaldecisionmakinginhumans AT tobiasmorville ergodicitybreakingrevealstimeoptimaldecisionmakinginhumans AT kristofferhmadsen ergodicitybreakingrevealstimeoptimaldecisionmakinginhumans AT magnustkoudahl ergodicitybreakingrevealstimeoptimaldecisionmakinginhumans AT rayjdolan ergodicitybreakingrevealstimeoptimaldecisionmakinginhumans AT hartwigrsiebner ergodicitybreakingrevealstimeoptimaldecisionmakinginhumans AT oliverjhulme ergodicitybreakingrevealstimeoptimaldecisionmakinginhumans
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Ergodicity-breaking reveals time optimal decision making in humans.

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