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{
    "pk": 30136,
    "title": "Information Theory Meets Expected Utility:\nThe Entropic Roots of Probability Weighting Functions",
    "subtitle": null,
    "abstract": "This paper proposes that the shape and parameter fits of\nexisting probability weighting functions can be explained with\nsensitivity to uncertainty (as measured by information entropy)\nand the utility carried by reductions in uncertainty. Building on\napplications of information theoretic principles to models of\nperceptual and inferential processes, we suggest that\nprobabilities are evaluated relative to a plausible expectation\n(the uniform distribution) and that the perceived distance\nbetween a probability and uniformity is influenced by the shape\n(relative entropy) of the distribution that the probability is\nembedded in. These intuitions are formalized in a novel\nprobability weighting function, VWD(p), which is simpler and\nhas less parameters than existing probability weighting\nfunctions. The proposed probability weighting function\ncaptures characteristic features of existing probability\nweighting functions, introduces novel predictions, and\nprovides a parsimonious account of findings in probability and\nfrequency estimation related tasks.",
    "language": "eng",
    "license": {
        "name": "",
        "short_name": "",
        "text": null,
        "url": ""
    },
    "keywords": [
        {
            "word": "decision making under risk and uncertainty;\nprobability weighting; information entropy; predictive coding"
        }
    ],
    "section": "Papers accepted as Posters, appearing in proceedings only",
    "is_remote": true,
    "remote_url": "https://escholarship.org/uc/item/028277kk",
    "frozenauthors": [
        {
            "first_name": "Mikaela",
            "middle_name": "",
            "last_name": "Akrenius",
            "name_suffix": "",
            "institution": "Indiana University Bloomington",
            "department": ""
        }
    ],
    "date_submitted": null,
    "date_accepted": null,
    "date_published": "2020-01-01T18:00:00Z",
    "render_galley": null,
    "galleys": [
        {
            "label": "PDF",
            "type": "pdf",
            "path": "https://journalpub.escholarship.org/cognitivesciencesociety/article/30136/galley/19990/download/"
        }
    ]
}