Foraging in a non-foraging task: Fitness maximization explains human risk preference dynamics under changing environment Article Swipe
Yasuhiro Mochizuki
,
Norihiro Harasawa
,
Mayank Aggarwal
,
Chong Chen
,
Haruaki Fukuda
·
YOU?
·
· 2024
· Open Access
·
· DOI: https://doi.org/10.1371/journal.pcbi.1012080
YOU?
·
· 2024
· Open Access
·
· DOI: https://doi.org/10.1371/journal.pcbi.1012080
Changes in risk preference have been reported when making a series of independent risky choices or non-foraging economic decisions. Behavioral economics has put forward various explanations for specific changes in risk preference in non-foraging tasks, but a consensus regarding the general principle underlying these effects has not been reached. In contrast, recent studies have investigated human economic risky choices using tasks adapted from foraging theory, which require consideration of past choices and future opportunities to make optimal decisions. In these foraging tasks, human economic risky choices are explained by the ethological principle of fitness maximization, which naturally leads to dynamic risk preference. Here, we conducted two online experiments to investigate whether the principle of fitness maximization can explain risk preference dynamics in a non-foraging task. Participants were asked to make a series of independent risky economic decisions while the environmental richness changed. We found that participants’ risk preferences were influenced by the current and past environments, making them more risk-averse during and after the rich environment compared to the poor environment. These changes in risk preference align with fitness maximization. Our findings suggest that the ethological principle of fitness maximization might serve as a generalizable principle for explaining dynamic preferences, including risk preference, in human economic decision-making.
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- Type
- article
- Language
- en
- Landing Page
- https://doi.org/10.1371/journal.pcbi.1012080
- https://journals.plos.org/ploscompbiol/article/file?id=10.1371/journal.pcbi.1012080&type=printable
- OA Status
- gold
- Cited By
- 2
- References
- 73
- Related Works
- 10
- OpenAlex ID
- https://openalex.org/W4396853001
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- OpenAlex ID
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https://openalex.org/W4396853001Canonical identifier for this work in OpenAlex
- DOI
-
https://doi.org/10.1371/journal.pcbi.1012080Digital Object Identifier
- Title
-
Foraging in a non-foraging task: Fitness maximization explains human risk preference dynamics under changing environmentWork title
- Type
-
articleOpenAlex work type
- Language
-
enPrimary language
- Publication year
-
2024Year of publication
- Publication date
-
2024-05-13Full publication date if available
- Authors
-
Yasuhiro Mochizuki, Norihiro Harasawa, Mayank Aggarwal, Chong Chen, Haruaki FukudaList of authors in order
- Landing page
-
https://doi.org/10.1371/journal.pcbi.1012080Publisher landing page
- PDF URL
-
https://journals.plos.org/ploscompbiol/article/file?id=10.1371/journal.pcbi.1012080&type=printableDirect link to full text PDF
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-
YesWhether a free full text is available
- OA status
-
goldOpen access status per OpenAlex
- OA URL
-
https://journals.plos.org/ploscompbiol/article/file?id=10.1371/journal.pcbi.1012080&type=printableDirect OA link when available
- Concepts
-
Foraging, Maximization, Preference, Task (project management), Optimal foraging theory, Dynamics (music), Computer science, Ecology, Biology, Mathematics, Mathematical optimization, Psychology, Economics, Statistics, Management, PedagogyTop concepts (fields/topics) attached by OpenAlex
- Cited by
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2Total citation count in OpenAlex
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2025: 2Per-year citation counts (last 5 years)
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10Other works algorithmically related by OpenAlex
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