Article citationsMore>>

D. Prelec and G. Loewenstein, “Decision-Making over Time and under Uncertainty: A Common Approach,” Management Science, Vol. 37, No. 7, 1991, pp. 770-786.
http://dx.doi.org/10.1287/mnsc.37.7.770

has been cited by the following article:

• TITLE: Psychophysical Neuroeconomics of Decision Making: Nonlinear Time Perception Commonly Explains Anomalies in Temporal and Probability Discounting

  AUTHORS: Taiki Takahashi, Ruokang Han

  KEYWORDS: Psychophysics; Discounting; Neuroeconomics; Econophysics; Tsallis’ Statistics

  JOURNAL NAME: Applied Mathematics, Vol.4 No.11, November 5, 2013

  ABSTRACT: Anomalies in decision over time (e.g., “hyperbolic time discounting”) and under risk (e.g., Allais paradox and hyperbolic probability discounting) have been attracting attention in behavioral and neuroeconomics. We have proposed that psychophysical time commonly explains anomalies in both decisions (Takahashi, 2011, Physica A; Takahashi et al., 2012, J Behav Econ & Finance). By adopting the q-exponential time and probability discounting models, our psychophysical and behavioral economic experiment confirmed that nonlinear distortion of psychophysical time is a common cause of the anomalies in decision both over time and under risk (i.e., intertemporal choice and decision under risk). Implications for psychophysical neuroeconomics and econophysics are discussed.