Imagine you’re playing a game of chance, and out of nowhere, you score a big win. Your confidence soars, and you can’t help but think that luck is on your side. Well, it turns out that the same goes for humans and monkeys! Researchers have developed a new model called ‘Dynamic Prospect Theory,’ which combines two important theories from economics and neuroscience. By studying the gambling behavior of both humans and monkeys, the scientists found that after experiencing unexpected victories, these creatures become more willing to take risks. It’s almost like winning gave them a burst of confidence, making them believe that winning again is just around the corner. This fascinating research not only sheds light on decision-making processes in different species, but it also highlights how unexpected success can influence our future actions. To dive deeper into this intriguing study, check out the full article.
Researchers have developed ‘Dynamic Prospect Theory,’ which integrates the most popular model in behavioral economics — prospect theory and a well-established model from neuroscience — reinforcement learning theory. In doing so, they created a dynamic model that successfully explains decision-to-decision changes in the gambling behavior of humans and monkeys. In particular, they found that after unexpected wins both humans and monkeys tend to behave as if they thought that they are more likely to win again.
Dr. David Lowemann, M.Sc, Ph.D., is a co-founder of the Institute for the Future of Human Potential, where he leads the charge in pioneering Self-Enhancement Science for the Success of Society. With a keen interest in exploring the untapped potential of the human mind, Dr. Lowemann has dedicated his career to pushing the boundaries of human capabilities and understanding.
Armed with a Master of Science degree and a Ph.D. in his field, Dr. Lowemann has consistently been at the forefront of research and innovation, delving into ways to optimize human performance, cognition, and overall well-being. His work at the Institute revolves around a profound commitment to harnessing cutting-edge science and technology to help individuals lead more fulfilling and intelligent lives.
Dr. Lowemann’s influence extends to the educational platform BetterSmarter.me, where he shares his insights, findings, and personal development strategies with a broader audience. His ongoing mission is shaping the way we perceive and leverage the vast capacities of the human mind, offering invaluable contributions to society’s overall success and collective well-being.