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Entropy 2014, 16(10), 5537-5545; doi:10.3390/e16105537

The Q-Exponential Decay of Subjective Probability for Future Reward: A Psychophysical Time Approach

Department of Behavioral Science, Center for Experimental Research for Social Science, Center for Brain Science, N.10, W.7, Kita-ku, Sapporo 060-0810, Japan
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Received: 29 January 2014 / Revised: 12 March 2014 / Accepted: 17 October 2014 / Published: 21 October 2014
(This article belongs to the Special Issue Advances in Applied Thermodynamics)
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Abstract

This study experimentally examined why subjective probability for delayed reward decays non-exponentially (“hyperbolically”, i.e., q ˂ 1 in the q-exponential discount function) in humans. Our results indicate that nonlinear psychophysical time causes hyperbolic time-decay of subjective probability for delayed reward. Implications for econophysics and neuroeconomics are discussed. View Full-Text
Keywords: q-exponential function; Tsallis thermostatistics; finance; econophysics; neuroeconomics q-exponential function; Tsallis thermostatistics; finance; econophysics; neuroeconomics
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Takahashi, T.; Tokuda, S.; Nishimura, M.; Kimura, R. The Q-Exponential Decay of Subjective Probability for Future Reward: A Psychophysical Time Approach. Entropy 2014, 16, 5537-5545.

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