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ItemNo Preview AvailableCaloric Primary Rewards Systematically Alter Time Perception( 2017-04-26)Human time perception can be influenced by contextual factors, such as the presence of reward. Yet, the exact nature of the relationship between time perception and reward has not been conclusively characterized. We implemented a novel experimental paradigm to measure estimations of time across a range of suprasecond intervals, during the anticipation and after the consumption of fruit juice, a physiologically relevant primary reward. We show that average time estimations were systematically affected by the consumption of reward, but not by the anticipation of reward. Compared with baseline estimations of time, reward consumption was associated with subsequent overproductions of time, and this effect increased for larger magnitudes of reward. Additional experiments demonstrated that the effect of consumption did not extend to a secondary reward (money), a tasteless, noncaloric primary reward (water), or a sweet, noncaloric reward (aspartame). However, a tasteless caloric reward (maltodexrin) did induce overproductions of time, although this effect did not scale with reward magnitude. These results suggest that the consumption of caloric primary rewards can alter time perception, which may be a psychophysiological mechanism by which organisms regulate homeostatic balance.
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ItemCaloric Primary Rewards Systematically Alter Time Perception(American Psychological Association, 2017-11-01)Human time perception can be influenced by contextual factors, such as the presence of reward. Yet, the exact nature of the relationship between time perception and reward has not been conclusively characterized. We implemented a novel experimental paradigm to measure estimations of time across a range of suprasecond intervals, during the anticipation and after the consumption of fruit juice, a physiologically relevant primary reward. We show that average time estimations were systematically affected by the consumption of reward, but not by the anticipation of reward. Compared with baseline estimations of time, reward consumption was associated with subsequent overproductions of time, and this effect increased for larger magnitudes of reward. Additional experiments demonstrated that the effect of consumption did not extend to a secondary reward (money), a tasteless, noncaloric primary reward (water), or a sweet, noncaloric reward (aspartame). However, a tasteless caloric reward (maltodexrin) did induce overproductions of time, although this effect did not scale with reward magnitude. These results suggest that the consumption of caloric primary rewards can alter time perception, which may be a psychophysiological mechanism by which organisms regulate homeostatic balance.
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ItemEndogenous formation of preferences: Choices systematically change willingness-to-pay for goods(American Psychological Association, 2017-12)Standard decision theory assumes that choices result from stable preferences. This position has been challenged by claims that the act of choosing between goods may alter preferences. To test this claim, we investigated in three experiments whether choices between equally valued snack food items can systematically shape preferences. We directly assessed changes in participants’ willingness-to-pay for these items, some of which could be bought at an auction after the experiment, while others could not. We found that chosen items were valued higher, and nonchosen items were valued lower; yet this postdecisional refinement of preferences was only observed for choices and valuations that were relevant, that is, incentive-compatible for items that were available for consumption. Supplementary analyses revealed that incentive-incompatible elicitations of preferences were unreliable and may have masked potential effects of choices on preferences. In conclusion, we propose that preferences can change endogenously, that is, in the absence of external feedback or information, but rather as a function of previous relevant choices.
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ItemTHE POWER OF RESILIENCE(WILEY, 2017-06)
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ItemUnder weighting of Private Information by Top Analysts(WILEY, 2017-06)
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ItemNeural computations underlying inverse reinforcement learning in the human brain(ELIFE SCIENCES PUBLICATIONS LTD, 2017-10-30)In inverse reinforcement learning an observer infers the reward distribution available for actions in the environment solely through observing the actions implemented by another agent. To address whether this computational process is implemented in the human brain, participants underwent fMRI while learning about slot machines yielding hidden preferred and non-preferred food outcomes with varying probabilities, through observing the repeated slot choices of agents with similar and dissimilar food preferences. Using formal model comparison, we found that participants implemented inverse RL as opposed to a simple imitation strategy, in which the actions of the other agent are copied instead of inferring the underlying reward structure of the decision problem. Our computational fMRI analysis revealed that anterior dorsomedial prefrontal cortex encoded inferences about action-values within the value space of the agent as opposed to that of the observer, demonstrating that inverse RL is an abstract cognitive process divorceable from the values and concerns of the observer him/herself.
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ItemCardiac signals are independently associated with temporal discounting and time perception(Frontiers Media, 2017)Cardiac signals reflect the function of the autonomic nervous system (ANS) and have previously been associated with a range of self-regulatory behaviors such as emotion regulation and memory recall. It is unknown whether cardiac signals may also be associated with self-regulation in the temporal domain, in particular impulsivity. We assessed both decision impulsivity (temporal discounting, TD) and time perception impulsivity (duration reproduction, DR) in 120 participants while they underwent electrocardiography in order to test whether cardiac signals were related to these two aspects of impulsivity. We found that over the entire period of task performance, individuals with higher heart rates had a tendency toward lower discount rates, supporting previous research that has associated sympathetic responses with decreased impulsivity. We also found that low-frequency components of heart rate variability (HRV) were associated with a less accurate perception of time, suggesting that time perception may be modulated by ANS function. Overall, these findings constitute preliminary evidence that autonomic function plays an important role in both decision impulsivity and time perception.
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ItemHigh monetary reward rates and caloric rewards decrease temporal persistence(Royal Society, The, 2017-02-22)Temporal persistence refers to an individual's capacity to wait for future rewards, while forgoing possible alternatives. This requires a trade-off between the potential value of delayed rewards and opportunity costs, and is relevant to many real-world decisions, such as dieting. Theoretical models have previously suggested that high monetary reward rates, or positive energy balance, may result in decreased temporal persistence. In our study, 50 fasted participants engaged in a temporal persistence task, incentivised with monetary rewards. In alternating blocks of this task, rewards were delivered at delays drawn randomly from distributions with either a lower or higher maximum reward rate. During some blocks participants received either a caloric drink or water. We used survival analysis to estimate participants' probability of quitting conditional on the delay distribution and the consumed liquid. Participants had a higher probability of quitting in blocks with the higher reward rate. Furthermore, participants who consumed the caloric drink had a higher probability of quitting than those who consumed water. Our results support the predictions from the theoretical models, and importantly, suggest that both higher monetary reward rates and physiologically relevant rewards can decrease temporal persistence, which is a crucial determinant for survival in many species.
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ItemBanking Regulation: Has Complexity Worked?(Financial Services Institute of Australasia, 2017-12-01)This paper examines the Basel Committee’s approach to prudential regulation of bank risk, the recent apparent shift towards less complex regulation, and the reasons for this. The paper provides a brief discussion of the calls for alternative approaches to regulation from some prominent experts who generally dismiss the merits of the ‘risk-sensitive’, complex rules-based Basel approach. After addressing the pros and cons of simpler versus complex regulation, the paper also speculates on the future of financial regulation in light of the ongoing debate about the optimal regulatory structure and degree of complexity.
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ItemOn the measurement of socioeconomic inequality of health between countries(SPRINGERNATURE, 2017-06)