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Probability discounting is defined as the devaluation of outcomes as the probability of receiving or paying those decreases. A q-exponential probability discounting model based on Tsallis’ statistics has been proposed in econophysics Takahashi, 2007, Physica A. We examined a fitness of the models to behavioral data of probability discounting of both gain and loss; and b relationships between parameters in the q-exponential probability discounting model across gain and loss. Our results demonstrated that, for both gain and loss, the q-exponential model better fits the behavioral data than exponential and hyperbolic functions, and there is the sign effect in q-exponential probability discounting. Relationships between Kahneman-Tversky’s prospect theory in behavioral economics and the q-exponential probability discounting are high-lightened.

KEYWORDS

Probability Discounting; Neuroeconomics; Econophysics; Tsallis’ Statistics

Cite this paper

T. Takahashi, R. Han, H. Nishinaka, T. Makino and H. Fukui -The q-Exponential Probability Discounting of Gain and Loss,- Applied Mathematics, Vol. 4 No. 6, 2013, pp. 876-881. doi: 10.4236-am.2013.46120.





Autor: Taiki Takahashi, Ruokang Han, Hiroshi Nishinaka, Takaki Makino, Hiroki Fukui

Fuente: http://www.scirp.org/



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