Forum
What is DR@W Forum?
DR@W Forum is an interdisciplinary discussion series which focuses on theoretical and empirical research about decision making.
The usual structure of the forum is a 30 - 45 minute introduction of the topic/working paper, with ample additional time for discussion.
The audience prefers discussing work-in-progress topics as opposed to finished papers. We meet on Thursdays between 2:30 and 3:45pm during term time. Contact John Taylor (John.Taylor[at]wbs.ac.uk) if you would like to suggest a speaker for a future event. Notifications of upcoming DR@W Forum events along with other decision research related activities can be obtained by registering with the moderated mailing list - email behaviour_spotlight at newlistserv dot warwick dot ac dot uk to be added to the list.
If you attend DR@W, please take some time to fill in our survey It helps us understand who our audience are and how we can widen participation.
DR@W Forum: Lionel Page (Queensland)
We consider utility as a hedonic reward system shaped by evolution to motivate us to make the best decisions possible. This system gives higher subjective rewards to higher levels of success. We investigate how an optimal reward system would adapt when individuals receive new information about their potential, i.e. the level of success they may be able to reach. We are able to explain key features about subjective utility. First, the utility function over outcomes is S-shaped around an individual's expectations about his potential which acts as a reference point. Second, this utility function is steeper below the reference point, leading to the emergence of loss aversion. Third, individuals experience anticipatory utility associated with forming higher expectations about their potential.