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  Multiple steps to the precipice: Risk aversion and worry in sequential decision-making

Dayan, P., & Gagne, C. (2021). Multiple steps to the precipice: Risk aversion and worry in sequential decision-making. Talk presented at ICML 2021 Workshop on Computational Approaches to Mental Health (CA2MH Workshop). 2021-07-24.

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https://sites.google.com/view/ca2mh/schedule (Table of contents)
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 Creators:
Dayan, P1, 2, Author              
Gagne, C1, 2, Author              
Affiliations:
1Department of Computational Neuroscience, Max Planck Institute for Biological Cybernetics, Max Planck Society, ou_3017468              
2Max Planck Institute for Biological Cybernetics, Max Planck Society, Spemannstrasse 38, 72076 Tübingen, DE, ou_1497794              

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 Abstract: When outcomes are not completely certain, we have to grapple with risk. Different individuals have characteristically different attitudes to risk - something that has been extensively investigated in psychology and psychiatry, albeit largely using venerable measures that lack certain axiomatically-desirable properties. Here we consider a modern risk measure for modeling human and animal decision-making called conditional value at risk (CVaR) which is particularly apposite because of its preferential focus on worst-case outcomes. We discuss theoretical characteristics of CVaR in single and multi-step decision-making problems, relating our findings to avoidance and worry.

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 Dates: 2021-07
 Publication Status: Published online
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Title: ICML 2021 Workshop on Computational Approaches to Mental Health (CA2MH Workshop)
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Start-/End Date: 2021-07-24
Invited: Yes

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