Stochastic Approximation algorithms are used to approximate solutions to fixed point equations that involve expectations of functions with respect to possibly unknown distributions. The most famous ...

Researchers have developed 'Dynamic Prospect Theory,' which integrates the most popular model in behavioral economics -- prospect theory and a well-established model from neuroscience -- reinforcement ...

Tsukuba, Japan—How do humans make decisions when the outcomes are uncertain? One possible way would be to calculate the expected value of each option by multiplying each possible outcome amount by its ...