A short-memory reinforcement learning model yields discrete choice probabilities that violate Luce's Choice Axiom and expected utility, with risk aversion in gains and risk seeking in losses.
(1953) Les comportement de l’homme rationnal devant le risque: critique des postulates and axioms de l’ecole americaine
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A model of discrete choice based on reinforcement learning under short-term memory
A short-memory reinforcement learning model yields discrete choice probabilities that violate Luce's Choice Axiom and expected utility, with risk aversion in gains and risk seeking in losses.