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A probabilistic choice model based on Tsallis' statistics
2007
Physica A: Statistical Mechanics and its Applications
Decision under risk and uncertainty (probabilistic choice) has been attracting attention in econophysics and neuroeconomics. This paper proposes a probabilistic choice model based on a mathematical equivalence of delay and uncertainty in decision-making, and the deformed algebra developed in the Tsallis' non-extensive thermodynamics. Furthermore, it is shown that this model can be utilized to quantify the degree of consistency in probabilistic choice in humans and animals. Future directions in
doi:10.1016/j.physa.2007.07.005
fatcat:q36zhfzplzfyhovd2tauzduise