Decision Making and Risky Choice in animals: a biological perspective.
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Thu, 05/02/2009 13:00 |
Alex Kacelnik |
Mathematical Finance Internal Seminar  |
DH 3rd floor SR |
| Virtually all decisions taken by living beings, from financial investments to life history, mate choice or anti-predator responses involve uncertainties and inter-temporal trade offs. Thus, hypothesis and formal models from these different fields often have heuristic value across disciplines. I will present theories and experiments about temporal discounting and risky choice originating in behavioural research on birds. Among other topics, I will address empirical observations showing risk aversion for gains and risk proneness for losses, exploring parallels and differences between Prospect Theory, Risk Sensitivity Theory and Scalar Utility Theory. | |||