Experience-Based Decisions and Brain Activity: Three New Gaps and Partial Answers

Abstract

Experience-based decisions can be defined as decisions emanating from direct or vicarious reinforcements that were received in the past. Typically, in experience-based decision tasks an agent repeatedly makes choices and receives outcomes from the available alternatives, so that choices are based on past experiences, with no explicit description of the payoff distributions from which the outcomes are drawn. The study of experience-based decisions has long roots in the works of mathematical psychologists during the 1950s and 1960s of the last century (e.g., Estes and Burke, 1953; Bush and Mosteller, 1955; Katz, 1964). This type of

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