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Pairwise Normalization: A Neuroeconomic Theory of Multi-Attribute Choice
2019-01-10 23:08:03
by Peter Landry, University of Toronto

Wednesday, Nov 7, 2018 | 2:00pm-3:30pm | Room 335, HSBC Business School Building


Abstract


We present a theory of multi-attribute choice based on a notion of pairwise, attribute-level comparisons through divisive normalization – a form of relative value encoding observed in neural processing across sensory modalities and in species ranging from honeybees to humans. The model uniquely captures a broad range of context-dependent behaviors, while also providing a proposed neurobiological basis for some classic microeconomic preference representations.
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