A NEUROECONOMIC INVESTIGATION OF RISKY DECISION-MAKING AND LOSS IN THE RAT
By
Author
Presented To
Department of Psychology
Abstract
Humans exhibit a number of suboptimal behaviours in the wake of a loss. For
example, gamblers often \\\'chase\\\' their losses in an attempt to break even.
Similarly, investors tend to hold on to losing stocks too long in the hope that the
declining share price might make a recovery. However, the neural mechanisms
that instantiate such behaviour are poorly understood. I begin the introductory
chapter with a basic historical overview of fundamental economic concepts,
interleaving intersecting ideas from psychology and neuroscience. This leads to
a more in-depth exploration of the notion that loss-related behavioural biases
might provide insight into the neural mechanisms that underlie risky choice.
From this, I argue that rats represent a viable animal model of risky decision-
making for neuroeconomic research. The original research presented in
Chapters 2 - 5 pave the way toward advancing our current understanding of
loss-related biases in behaviour with rat models of risky decision-making. By
employing insight from psychology and economics, I developed two models of
rat behaviour that can be used to study the neural substrates of loss valuation. I
presented the experimental paradigms in Chapters 2 and 5, while
demonstrating novel loss-related correlations between the midbrain dopamine
system and observed loss behaviour in Chapters 3 and 4. The results
presented in Chapter 5 demonstrate that rats are capable of producing
behavioural patterns akin to loss aversion and the disposition effect. This work
has also highlighted a number of areas for future research. In Chapter 6, I
explore potential theoretical implications of the results discussed in previous
chapters. In summary, this thesis uses experimental risky decision-making
tasks in rats to advance our current knowledge of the ways in which concepts
such as loss aversion critically influence our internal representation of value.
Table of Contents
Declarations . . . . . . . . . . . . . . ii
Dedications . . . . . . . . . . . . . . . vii
Abstract . . . . . . . . . . . . . . . 1
Chapter 1 . . . . . . . . . . . . . . . 2
General Introduction . . . . . . . . . . . . .. 2
Abstract . . . . . . . . . . . . . . . . 3
Introduction . . . . . . . . . . . . .
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