英文标题：
《Ergodicity-breaking reveals time optimal decision making in humans》
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作者：
David Meder, Finn Rabe, Tobias Morville, Kristoffer H. Madsen, Magnus
T. Koudahl, Ray J. Dolan, Hartwig R. Siebner, Oliver J. Hulme
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最新提交年份：
2020
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英文摘要：
Ergodicity describes an equivalence between the expectation value and the time average of observables. Applied to human behaviour, ergodic theories of decision-making reveal how individuals should tolerate risk in different environments. To optimise wealth over time, agents should adapt their utility function according to the dynamical setting they face. Linear utility is optimal for additive dynamics, whereas logarithmic utility is optimal for multiplicative dynamics. Whether humans approximate time optimal behavior across different dynamics is unknown. Here we compare the effects of additive versus multiplicative gamble dynamics on risky choice. We show that utility functions are modulated by gamble dynamics in ways not explained by prevailing decision theory. Instead, as predicted by time optimality, risk aversion increases under multiplicative dynamics, distributing close to the values that maximise the time average growth of wealth. We suggest that our findings motivate a need for explicitly grounding theories of decision-making on ergodic considerations.
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中文摘要：
遍历性描述了期望值和观测值的时间平均值之间的等价性。将遍历决策理论应用于人类行为，揭示了个人应如何在不同环境中承受风险。为了随着时间的推移优化财富，代理人应根据其面临的动态环境调整其效用函数。线性效用对于加法动力学是最优的，而对数效用对于乘法动力学是最优的。人类是否在不同的动力学中近似时间最优行为是未知的。在这里，我们比较了加性和乘性赌博动力学对风险选择的影响。我们证明了效用函数是由赌博动力学以主流决策理论无法解释的方式调节的。相反，正如时间最优性所预测的那样，在乘法动力学下，风险厌恶程度会增加，分布接近财富时间平均增长最大化的值。我们认为，我们的发现促使人们需要明确地将决策理论建立在遍历考虑的基础上。
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分类信息：

一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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