scholarly journals Dynamic Representation of the Subjective Value of Information

2021 ◽  
pp. JN-RM-0423-21
Author(s):  
Kenji Kobayashi ◽  
Sangil Lee ◽  
Alexandre L. S. Filipowicz ◽  
Kara D. McGaughey ◽  
Joseph W. Kable ◽  
...  
Keyword(s):  
Value Of Information ◽  
Dynamic Representation ◽  
Subjective Value

scholarly journals Dynamic Representation of the Subjective Value of Information

2021 ◽  
Author(s):  
Kenji Kobayashi ◽  
Sangil Lee ◽  
Alexandre L. S. Filipowicz ◽  
Kara D. McGaughey ◽  
Joseph W. Kable ◽  
...  
Keyword(s):  
Information Seeking ◽  
Value Of Information ◽  
Dorsolateral Prefrontal Cortex ◽  
Current Evidence ◽  
Reward Structure ◽  
Dynamic Representation ◽  
Subjective Value ◽  
Dorsolateral Prefrontal ◽  
Beads Task ◽  
Over Time

AbstractTo improve future decisions, people should seek information based on the value of information (VOI), which depends on the current evidence and the reward structure of the upcoming decision. When additional evidence is supplied, people should update VOI to adjust subsequent information seeking, but the neurocognitive mechanisms of this updating process remain unknown. We used a modified beads task to examine how the VOI is represented and updated in the human brain. We theoretically derived, and empirically verified, a normative prediction that the VOI depends on decision evidence and is biased by reward asymmetry. Using fMRI, we found that the subjective VOI is represented in right dorsolateral prefrontal cortex (DLPFC). Critically, this VOI representation was updated when additional evidence was supplied, showing that DLPFC dynamically tracks the up-to-date VOI over time. These results provide new insights into how humans adaptively seek information in the service of decision making.

scholarly journals The continuous and changing impact of affect on risky decision-making

2021 ◽  
Author(s):  
Erkin Asutay ◽  
Daniel Västfjäll
Keyword(s):  
Decision Making ◽  
Temporal Integration ◽  
Risky Choice ◽  
Prediction Errors ◽  
Risky Decision Making ◽  
Affective Experience ◽  
Risky Decision ◽  
Dynamic Representation ◽  
Subjective Value ◽  
Behavioral Evidence

Abstract Affective experience has an important role in decision-making with recent theories suggesting a modulatory role of affect in ongoing subjective value computations. However, it is unclear how varying expectations and uncertainty dynamically influence affective experience and how dynamic representation of affect modulates risky choices. Using hierarchical Bayesian modeling on data from a risky choice task (N = 101), we find that the temporal integration of recently encountered choice parameters (expected value, uncertainty, and prediction errors) shapes affective experience and impacts subsequent choice behavior. Specifically, experienced arousal prior to choice was associated with increased loss aversion, risk aversion, and choice consistency. Taken together, these findings provide clear behavioral evidence for continuous affective modulation of subjective value computations during risky decision-making.

scholarly journals The three domains of value: Why IL practitioners must take a holistic approach

2010 ◽  
Vol 3 (1) ◽  
Author(s):  
Andrew Whitworth
Keyword(s):  
21St Century ◽  
Information Search ◽  
Value Of Information ◽  
Holistic Approach ◽  
Conspiracy Theories ◽  
Educational Stakeholders ◽  
Subjective Value ◽  
Policy Challenge ◽  
Community Standards ◽  
Teaching Thinking

Many definitions of IL focus on the subjective value of information - the learner expected to be the initiator, agent and evaluator of an information search. However, we must also judge information against the objective domain: without it, we risk what Damian Thompson has called ‘counterknowledge’, the spread of unscientific worldviews like conspiracy theories, pseudohistory and so on. There is also the intersubjective domain, the field of laws, morals, economics and community standards. Without this domain we may collapse into relativism. But the subjective domain remains valuable, as otherwise we would suffer from ‘groupthink’, becoming merely the instrument of organisations and ‘the system’. All three domains of value are thus essential if the informational resources on which we draw are to be sustainable, healthy and open, and if we are to respond to the challenges posed by diversity and highlighted by this conference. Why, then, is so little IL teaching thinking about its subject in this way? I suggest the answers lie in how governments and other influential educational stakeholders conceive of their ‘product’. Not every educational stakeholder wants to see the kind of critical, creative thinkers which holistic IL is oriented to producing. Addressing this paradox is a significant policy challenge facing IL as it matures in the 21st century.

scholarly journals Choosing increases the value of non-instrumental information

2021 ◽  
Vol 11 (1) ◽  
Author(s):  
Matthew Jiwa ◽  
Patrick S. Cooper ◽  
Trevor T.-J. Chong ◽  
Stefan Bode
Keyword(s):  
Decision Making ◽  
Subjective Probability ◽  
Information Seeking ◽  
Value Of Information ◽  
Computational Modelling ◽  
Information Value ◽  
Independent Effect ◽  
Hedonic Value ◽  
Subjective Value ◽  
Source Of Information

AbstractCuriosity pervades all aspects of human behaviour and decision-making. Recent research indicates that the value of information is determined by its propensity to reduce uncertainty, and the hedonic value of the outcomes it predicts. Previous findings also indicate a preference for options that are freely chosen, compared to equivalently valued alternatives that are externally assigned. Here, we asked whether the value of information also varies as a function of self- or externally-imposed choices. Participants rated their preference for information that followed either a self-chosen decision, or an externally imposed condition. Our results showed that choosing a lottery significantly increased the subjective value of information about the outcome. Computational modelling indicated that this change in information-seeking behaviour was not due to changes in the subjective probability of winning, but instead reflected an independent effect of choosing on the value of resolving uncertainty. These results demonstrate that agency over a prospect is an important source of information value.

scholarly journals Neurocomputational mechanisms underlying the subjective value of information

2021 ◽  
Vol 4 (1) ◽  
Author(s):  
Ariel X.-A. Goh ◽  
Daniel Bennett ◽  
Stefan Bode ◽  
Trevor T.-J. Chong
Keyword(s):  
Decision Making ◽  
Value Of Information ◽  
Information Model ◽  
Information Value ◽  
Anterior Cingulate ◽  
Trade Off ◽  
New Information ◽  
Subjective Value ◽  
Subjective Preference ◽  
Multiple Stages

AbstractHumans have a striking desire to actively seek new information, even when it is devoid of any instrumental utility. However, the mechanisms that drive individuals’ subjective preference for information remain unclear. Here, we used fMRI to examine the processing of subjective information value, by having participants decide how much effort they were willing to trade-off for non-instrumental information. We showed that choices were best described by a model that accounted for: (1) the variability in individuals’ estimates of uncertainty, (2) their desire to reduce that uncertainty, and (3) their subjective preference for positively valenced information. Model-based analyses revealed the anterior cingulate as a key node that encodes the subjective value of information across multiple stages of decision-making – including when information was prospectively valued, and when the outcome was definitively delivered. These findings emphasise the multidimensionality of information value, and reveal the neurocomputational mechanisms underlying the variability in individuals’ desire to physically pursue informative outcomes.

SUBJECTIVE VALUE OF INFORMATION

1975 ◽  
Vol 66 (3) ◽  
pp. 275-282 ◽  
Author(s):  
ALAN BRANTHWAITE
Keyword(s):  
Value Of Information ◽  
Subjective Value

A Subjective Value Approach to Information Utility

1971 ◽  
Vol 13 (6) ◽  
pp. 503-509 ◽  
Author(s):  
James M. McKendry ◽  
Thomas P. Enderwick ◽  
Paul C. Harrison
Keyword(s):  
Value Of Information ◽  
Information Value ◽  
Training Simulator ◽  
Information Utility ◽  
Search Area ◽  
Subjective Value ◽  
Antisubmarine Warfare ◽  
Value Model ◽  
Real World Situation ◽  
Experienced Personnel

Following formulation of a subjective value model and laboratory validation of some of its key assumptions, the model was applied to the airborne antisubmarine warfare situation by pooling judgments of experienced personnel selected from operational airborne-antisubmarine-warfare squadrons. When scaled, these judgments permitted structuring of three sets of airborne-antisubmarine-warfare problems which varied in terms of the perceived value of information provided to crews. The dependent variable was adequacy of performance on realistic exercises in a training simulator. Personnel who made the original subjective judgments and others as well were employed. The proportion of search area remaining per unit time decreased as a linear function of perceived information value as predicted. The subjective model accounted for approximately 90% of the observed between-group variance, thereby demonstrating its efficacy in a limited real-world situation.

scholarly journals Do you share your personally useless information if others may benefit from it?

2019 ◽  
Author(s):  
Aryan Yazdanpanah ◽  
AbdolHossein Vahabie ◽  
Majid Nili Ahmadabadi
Keyword(s):  
Computational Modeling ◽  
Value Of Information ◽  
Public Goods Game ◽  
Cognitive Interventions ◽  
Personal Benefit ◽  
Irrational Behavior ◽  
Subjective Value ◽  
The Face ◽  
Almost All ◽  
Other Regarding

Information is personally useless if its beholder cannot individually benefit from it further unless she shares it with those who can exploit that information to increase their mutual outcome. We study sharing such information in a non-strategic and non-competitive setting, where selfish and cooperative motives align. Although sharing information is cost-free and results in expected mutual payoff, almost all of the subjects show some negative sensitivities toward sharing information, and it is more severe in the introvert subjects. The subjects’ level of cooperation, sensitivity to the fairness of opportunities, and fairness of outcomes do not explain this monetarily irrational behavior. However, computational modeling suggests that this irrationality arises because of high selfishness and excessive subjective value of personally useless information, in the face of low other-regarding motives, that necessitate over-attainable personal benefit to drive sharing. Interestingly, other-regarding element and sensitivity to the value of information are correlated with the subjects’ belief about others’ cooperation in Public Goods Game and their extraversion in Big5 personality traits, respectively. These results point at the necessity of cognitive interventions to attenuate the subjective value of personally useless information to increase sharing in favor of more benefits for others and self, especially for introvert subjects and those that perceive others less cooperative.

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